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NETSUITE REVS UP 32 PERCENT

Zach Nelson, NetSuiteNetSuite revenue boomed for the first quarter ended March 31, hitting $91.6 million, up 32 percent from $69.3 million from the year-earlier period. And in this week’s earnings webcast, CEO Zach Nelson gushed that performance “exceeded our outlook on every measure”. The loss increased to $13 million from $7.7 million and non-GAAP earnings dropped to $2.8 million from $4.1 million for the San Mateo, Calif.-based cloud company. But Wall Street analysts were happy.

And Nelson said when the company exceeds expectations “We are going to keep putting the over achievement back in the business.” That includes hiring sales force and product development personnel at a company that added 600 workers in the last year to move beyond a staff of 2000. Nelson did not give actual revenue but said channel sales had 50-percent growth over last year's first quarter and that channel revenue doubled in the Asia Pacific region. "The trend we are starting to see if real momentum in the broad based channel," Nelson said, adding, “In Europe, you will see the Sage reseller channel moving quickly to NetSuite," he said and claimed there is evidence of a “Sage replacement cycle” for product. Teasing to a planned onslaught of news at next month’s SuiteWorld conference, Nelson promised “One early Business By Design reseller moving to NetSuite.” He also seemed to hint there would be reseller defections by “companies that moved to the wrong platform” for the cloud. Nelson talked another major change in the market" “the shift of mission critical applications to the cloud”

 

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