First Pure-Play Cloud ERP Software-as-a-Service Company to Exceed Half a Billion Annual Revenue Run Rate
First Ever $100 Million Quarter of Recurring Revenue
- Q2 Revenue of $131.8 Million, a 30% Year-over-Year Increase
- Q2 Operating Cash Flows of $18.6 Million, a 19% Year-over-Year Increase
NetSuite Inc. (NYSE: N), the industry’s leading provider of cloud -based financials / ERP and omnichannel commerce software suites, announced results for its second quarter ended June 30, 2014.
Total revenue for the second quarter of 2014 was $131.8 million, representing a 30% increase over the same period in the prior year.
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Cash flows from operations were $18.6 million in the second quarter of 2014, up from $15.6 million in the same period in the prior year.
On a GAAP basis, net loss for the second quarter of 2014 was $23.2 million, or $(0.31) per share, as compared to a net loss of $20.4 million, or $(0.28) per share, in the second quarter of 2013.
Non-GAAP net income for the second quarter of 2014 was $4.8 million, or $0.06 per share, as compared to non-GAAP net income of $4.0 million, or $0.05 per share, in the second quarter of 2013.
“NetSuite delivered record second quarter revenues, growing year-over-year by 30 percent for the eighth consecutive quarter. We also reported our first-ever $100 million quarter of recurring revenue signaling a break out moment. NetSuite’s leadership in cloud ERP has never been more clear,” said NetSuite CEO Zach Nelson.