NetSuite Q1 strong amid revenue surge

NetSuite CEO Zach Nelson said that the company is benefiting from the migration from on-premise ERP to cloud computing.

NetSuite's revenue handily topped expectations in the first quarter as the company continued to land customers.

The company reported a first quarter net loss $7.7 million, or 11 cents a share, on revenue of $69.3 million, up 30 percent from a year ago. Non-GAAP earnings were 6 cents a share. Wall Street was expecting non-GAAP earnings of 3 cents a share on revenue of $67.8 million.

Subscription and support revenue for the first quarter was $58 million, up 27 percent from a year ago.

NetSuite's metrics were strong across the board. Calculated billings, revenue plus the change in deferred revenue, were $77.9 million in the first quarter, up 26 percent from a year ago.

In a statement, NetSuite CEO Zach Nelson said that the company is benefiting from the migration from on-premise ERP to cloud computing.