Zach Nelson says the Q3 numbers show his rivals are antiquated
Cloud software firm NetSuite saw revenue for the third quarter of 2014 reach $143.7 million, up 34% over the same period in the prior year.
Cash flows from operations were $16.3 million in the third quarter of 2014, up from $14.6 million in the same period in the prior year.
On a GAAP basis, net loss for the third quarter of 2014 was $29.3 million, or $(0.38) per share, as compared to a net loss of $16.8 million, or $(0.23) per share, in the third quarter of 2013.
Non-GAAP net income for the third quarter of 2014 was $8.3 million, or $0.11 per share, as compared to non-GAAP net income of $6.9 million, or $0.09 per share, in the third quarter of 2013.
"The Cloud giveth, and the Cloud taketh away. While NetSuite reported our ninth consecutive quarter of more than 30% year-over-year revenue growth and Q3 profitability well ahead of our outlook, SAP experienced a sixth straight quarter of declining license sales and announced negatively impacted margins based on the move of customers to the cloud," said Zach Nelson, CEO of NetSuite. "The shift from antiquated software such as SAP and Microsoft to NetSuite’s modern cloud-native solution is transforming the capabilities of small, medium and large organisations around the globe."