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Finance

NetSuite delivers first quarter profit, shuffles execs

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.
Written by Larry Dignan, Contributor on

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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