SaaS ERP vendor NetSuite Inc. yesterday reported strong sales growth and a narrowing loss in the three-month period ending Sept. 30.
NetSuite said it had total third-quarter revenue of $49.7 million, a 19% increase over the $41.7 million that the company reported in the third quarter of 2009. The sales figure was a record high for NetSuite. The company has now reported four consecutive quarters of accelerating year-over-year revenue growth, noted CEO Zach Nelson in comments to financial analysts.
At the same time, NetSuite reported a net loss of $7 million in the third quarter. The loss shrank by 15.9% compared to NetSuite’s net loss of $8.3 million reported in the same period last year.
While NetSuite’s net losses continued, other results were more positive. The company reported non-GAAP operating income of $2.9 million, up 600% compared to the year-earlier quarter.