NetSuite thanks ‘unstoppable’ cloud computing demand for record Q4 results

Grazed from v3.co.uk. Author: Editorial Staff.

NetSuite has posted record results for the fourth quarter and the whole of 2013, thanks to “unstoppable” demand for cloud computing among businesses. In the firm’s fourth quarter, which ran from October to December 2013, the firm made sales worth $115m, up eight percent from the third quarter, and an increase of 35 percent compared with the same quarter the previous year. The on-demand enterprise resource planning (ERP) firm also saw similarly impressive growth for the whole year, increasing 2013 sales by $106m or 34 percent to $414.5m.

Zach Nelson, chief executive of NetSuite, pointed out during a conference call on Thursday that 2013 was the fourth consecutive year of record revenue growth, a feat he said is matched by very few other public companies.  However, the firm has some way to go before it posts a healthy profit. NetSuite made a net loss of $20.2m during the fourth quarter, up from $9.6m during the same quarter in 2012. Across the whole year, NetSuite posted a net loss of $70.4m, compared to $35.2m in 2012…

The results were still received positively by investors, with shares trading at four percent higher late on Thursday. NetSuite managed to beat analysts’ expectations, with the market expecting $111.4m revenue for the fourth quarter, while the company increased its low-end forecast for 2014 from $525m to $535m, ahead of previous analyst expectations of $533m…

Read more from the source @ http://www.v3.co.uk/v3-uk/news/2326324/netsuite-thanks-unstoppable-cloud-computing-demand-for-record-q4-results

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