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NetSuite delivers first quarter profit, shuffles execs

By | May 3, 2010, 2:01pm PDT

Summary: NetSuite’s first quarter results were in line with expectations as the company promoted CFO Jim McGeever to be its operating chief. Ron Gill, senior vice president of finance, will become NetSuite’s CFO.

NetSuite’s first quarter results were in line with expectations as the company promoted CFO Jim McGeever to be its operating chief. Ron Gill, senior vice president of finance, will become NetSuite’s CFO.

The company reported a first quarter net loss of $7.1 million, or 11 cents a share, on revenue of $43.9 million, up from revenue of $35.5 million a year ago. Non-GAAP earnings were $930,000, or a penny a share, down a smidge from a year ago. Wall Street was expecting a first quarter profit of a penny a share on revenue of $43.73 million.

NetSuite said bookings for the quarter hit $47 million, up 27 percent from a year ago.

As for the executive reshuffle, McGeever had been CFO for the last 10 years. Gill joined the company in 2007 after a stint at Hyperion, which was later acquired by Oracle.

NetSuite has been building out its sales channel and partnerships to fuel future growth.

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NetSuite Inc., CFO, Sales Strategy, Operational Accounting, GAAP, Sales, Finance, Financial Accounting, Larry Dignan

Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic.

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Larry Dignan

Larry Dignan has nothing to disclose. He doesn’t hold investments in the technology companies he covers.

Biography

Larry Dignan

Larry Dignan is Editor in Chief of ZDNet and SmartPlanet as well as Editorial Director of ZDNet's sister site TechRepublic. He was most recently Executive Editor of News and Blogs at ZDNet. Prior to that he was executive news editor at eWeek and news editor at Baseline. He also served as the East Coast news editor and finance editor at CNET News.com. Larry has covered the technology and financial services industry since 1995, publishing articles in WallStreetWeek.com, Inter@ctive Week, The New York Times, and Financial Planning magazine. He's a graduate of the Columbia School of Journalism and the University of Delaware.

For daily updates, follow Larry on Twitter.

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RE: NetSuite delivers first quarter profit, shuffles execs
yarinsiz Updated - 11th May 2011
Great!!! thanks for sharing this information to us!
seslisohbet seslichat

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