NetSuite reported overall revenue for the first quarter of 2015 of $164.8m, a 34 percent increase over the same period last year, mirroring wider industry and company trends that show demand for cloud services rocketing.
However, NetSuite did not make a profit for the quarter despite this rise in revenue. Losses came in at $22.7m, compared with $22.2m in the same quarter last year.
The losses came from several areas, mainly owing to efforts by NetSuite to grow its business for the future. These included spending $21.9m on product development and increasing headcount by 38 percent over the year-ago quarter.
NetSuite CEO Zach Nelson was upbeat on the firm’s figures, claiming that the growing revenue showed the firm is well placed for longer-term success.
"NetSuite's fiscal 2015 started strong with record first-quarter results as we grew recurring revenue year over year by more than 30 percent for our eighth consecutive quarter, and beat our outlook on revenue," he said.
"What's even more exciting is that we are just at the beginning of a multi-year business system replacement cycle, as companies move from legacy, pre-internet applications to NetSuite's solution designed to run companies in a modern cloud-centric world."
NetSuite also revealed that it has signed a major deal that will see HP deploy NetSuite’s OneWorld business management software in its own software division.
This has been rolled out across 15 countries during a rapid six-month deployment, and Nelson touted the HP deal as proof that the firm’s services are the best in the market.
“HP’s deployment of NetSuite is another shining example of how a Fortune 50 company can bring agility to a legacy infrastructure,” he said.
“It’s extremely gratifying to see HP take advantage of the scale and agility possible with NetSuite OneWorld via a two-tier ERP deployment.”
The HP announcement and financial results come just after NetSuite revealed a $200m deal to acquire Bronto Software to enhance its web-based marketing services for customers.
NetSuite expects that adding Bronto to its business will bring in $15m to $18m in revenue in fiscal 2015 and $40m to $45m in 2016.
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