NetSuite Announces Q3 Results, Rewards Program Partners
NetSuite's revenue was up 34 percent, but cash flows were $14.6 million in the third quarter of 2013, down from $15.2 million in the same period the prior year.Cloud-based financials and enterprise resource planning (ERP) provider NetSuite announced its third-quarter financial results, with total revenue for the period standing at $106.9 million, representing a 34 percent increase over the same period in the prior year. However, cash flows from operations were $14.6 million in the third quarter of 2013, down from $15.2 million in the same period in the prior year. "This week has been a tale of two companies as NetSuite's Q3 revenue set a new record, while SAP effectively exited the business of providing software for mid-sized companies as they scale back their Business By Design product, which they once hyped as a NetSuite killer," Zach Nelson, CEO of NetSuite, said in a statement. "These two divergent results show that as mission-critical software moves to the Cloud, it is far safer for customers to turn to committed leaders like NetSuite rather than bet on the PowerPoint presentations of last-generation providers like SAP, Microsoft and Sage." Earlier this week, the company announced that it has entered into a definitive agreement to acquire human capital management (HCM) specialist TribeHR to create an integrated cloud enterprise resource management and HCM software suite for small to medium-size businesses (SMBs), although terms of the deal were not disclosed.
On a generally accepted accounting principles (GAAP) basis, net loss for the third quarter of 2013 was $16.8 million, or ($0.23) per share, as compared with a net loss of $8 million, or ($0.11) per share, in the third quarter of 2012.