NetSuite meets Q2 targets, names new president

The ERP provider has appointed former CFO and COO Jim McGeever to the role of NetSuite president.
Written by Natalie Gagliordi, Contributor

ERP provider NetSuite posted its second quarter earnings and revenue Thursday after the bell -- but unlike previous quarters, the company barely mustered up a hit.

The San Mateo-Calif.-based cloud darling posted a second quarter net loss of $32.3 million, or 41 cents a share, on revenue of $177.3 million. That's an increase of 35 percent year-over-year on revenue.

Non-GAAP earnings for the second quarter were 2 cents per share.

Wall Street was expecting non-GAAP second quarter earnings of 2 cents a share on revenue of $172.11 million.


Always the cloud cheerleader, NetSuite CEO Zach Nelson touted NetSuite's growth, market position and its role in helping businesses "thrive in the era of the cloud."

Nelson also said NetSuite saw particular growth in its retail, manufacturing and wholesale distribution verticals. What Nelson did not address, however, are the company's losses, which climbed substantially. NetSuite lost almost an additional $10 million compared to Q1.

NetSuite also announced a key leadership change. Jim McGeever, who was NetSuite's fifteenth employee when he joined the company in 2000, has been appointed president. McGeever was NetSuite's CFO for 10 years and drove the company's 2007 IPO, and most recently served as chief operations officer.

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