Subscription and support revenue up 21% year-on-year
NetSuite, a provider of cloud-based financials/ERP software suites, has reported total revenue of $52.1m for the fourth quarter ended 31 December 2010, representing a 21% increase from $43m over the prior year.
The company said that subscription and support revenue for the fourth quarter was $44.2m, up 21% over the same period in the prior year.
Operating loss for the fourth quarter of 2010 was $5.7m, compared to an operating loss of $6.6m in the fourth quarter of 2009.
The company’s net loss for the fourth quarter of 2010 was $6.4m, or $0.10 per share, as compared to a net loss of $7.0m, or $0.10 per share in the fourth quarter of 2009.
For the fiscal year 2010, the company’s net revenue increased to $193.1m compared to $166.5m from the previous fiscal year.
Operating loss and net loss for the fiscal 2010 increased to $25.6m and $27.5m, respectively.
NetSuite CEO Zach Nelson said the company is seeing an acceleration of enterprises large and small moving to cloud computing.
"Our ten year head start in delivering cloud business applications bodes well for us in 2011 as companies continue to move their core business applications from outdated and costly client-server offerings from Microsoft, SAP and others to NetSuite offerings that have cloud computing at their core," Nelson said.