Cloud-based financial and enterprise resource planning software provider NetSuite posted total revenue of $47.1 million for the second quarter ending June 30, 2010, representing a 17 percent increase over the prior year.
The company’s non-GAAP operating income for the second quarter of 2010 grew to $2.2 million, compared to $674,000 in the second quarter of 2009. Non-GAAP net income for the second quarter of 2010 was $1.9 million, compared to $687,000 for the second quarter of 2009.
“NetSuite’s strong second quarter financial performance, driven by accelerating growth in bookings, revenue and profitability, is the result of broad acceptance by midsized organizations and divisions of large enterprises of our industry-leading ERP cloud computing suite,” said NetSuite chief executive Zach Nelson. “We are raising our 2010 outlook substantially based on the accelerating adoption of NetSuite’s cloud computing applications by enterprises around the world.”
NetSuite did, however, post some losses. NetSuite’s GAAP operating loss for the second quarter of 2010 was $7 million, compared to a GAAP operating loss of $5 million in the second quarter of 2009. On a GAAP basis, net loss for the second quarter of 2010 was $7.2 million, compared to a net loss of $5 million in the second quarter of 2009.
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