NetSuite reported strong third quarter results that beat expectations.
The company reported a third quarter net loss of $6.9 million, or 10 cents a share, on revenue of $61 million, up 23 percent from a year ago. Non-GAAP earnings were 5 cents a share, a penny ahead of Wall Street estimates. In a statement, CEO Zach Nelson touted the company's ability to drive "cloud-based ERP suites into large global enterprises" and said the outlook "bodes well" for the rest of the fiscal year and into 2012.
Subscription and support revenue in the third quarter was $51.3 million in the third quarter, up 23 percent from a year ago. Calculated billings were $63.8 million, up 33 percent from a year ago.
In recent quarters, NetSuite has worked to pitch larger enterprises as well as its core mid-sized companies.