NetSuite announces solid third quarter financials

NetSuite has announced its financial results for the third quarter of 2015, which reveal some solid revenue growth.

The cloud service provider confirmed that total revenue had increased 34 per cent when compared to the same period 12 months ago to reach $192.8 million (£125 million).

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Under GAAP, net loss increased slightly from $29.3 million in 2014 to $37.3 million, while non-GAAP net income fell to $2.6 million ($0.03 per share), down from $8.3 million ($0.11 per share. However, cash flows from operations increased from $16.3 million to $27.5 million throughout the quarter.

NetSuite CEO Zach Nelson believes that the promising results demonstrate the importance of cloud computing to modern businesses.

"NetSuite posted another great quarter following years of great quarters as we grew revenue year-over-year by 34 per cent, our thirteenth consecutive quarter of more than 30 per cent year-over-year revenue growth,” he said. “Looking across all technology sectors - hardware, software and platforms - if you are a tech company that wasn't born on the Cloud as NetSuite was, you are in a world of trouble."

In related news, NetSuite has also announced a partnership with Tableau Software in order to deliver a new data export feature. The collaboration will combine Tableau’s analytics platform with NetSuite’s data in order to provide customers with the kind of insights required to drive crucial business decisions.

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“Both NetSuite and Tableau are committed to meeting rising demand among customers for out-of-the-box integration that would let them go from data to insights in a few clicks,” explained Guido Haarmans, senior vice president of business development for technology partners at NetSuite. “Teaming up with Tableau and our joint development efforts addresses this demand and enhances the value of our respective technologies.”