NetSuite narrows 3Q loss as sales improve

0
8

SAN MATEO, Calif. (AP) ? NetSuite Inc., which provides business management software over the Internet, on Thursday reported a third-quarter net loss that was narrowed from a year earlier and less than Wall Street expected.

The company said it had a net loss for the July-through-September period of $6.9 million, or 10 cents per share. That compared with a loss a year earlier of $7 million, or 11 cents per share.

Excluding certain items, NetSuite put net income at 5 cents per share, or a penny per share better than the consensus estimate of analysts polled by FactSet Research.

Revenue was $61 million, up 23 percent from $49.7 million a year earlier and slightly better than the $60 million that analysts expected.

NetSuite, which sells cloud-based financial and enterprise-resource planning software, said subscription and support revenue of $51.3 million accounted for the bulk of sales and also was up 23 percent from the third quarter of 2010.

Shares rose $1.18, or 3.1 percent, to $39.72 in Thursday trading. They were unchanged in extended trading following the release of the earnings report.