Netsuite off to a strong start in 2016

NetSuite has experienced significant revenue growth for the first quarter of 2016 thanks to a strong and innovative approach to building business software, according to the vendor.

The provider of cloud-based financials/ERP and omnichannel commerce software suites announced its total revenue for the first quarter of 2016 was $216.6 million, representing a 31% increase over the same period in the prior year.

Cash flows from operations were $31.3 million in the first quarter of 2016, up from $28.0 million in the same period in the prior year, representing a 12% YoY increase.

On a GAAP basis, net loss for the first quarter of 2016 was $29.7 million, or $(0.37) per share, as compared to a net loss of $22.7 million, or $(0.29) per share, in the first quarter of 2015.

Non-GAAP net income for the first quarter of 2016 was $9.0 million, or $0.11 per share, which is comparable to the first quarter 2015 non-GAAP net income.

"NetSuite's fiscal year 2016 started strong with record first quarter results as we grew year-over-year revenue by more than 30% for our fifteenth consecutive quarter," says Zach Nelson, NetSuite CEO.

"Our financial results, and the results we are delivering for more than 10,000 companies operating around the globe, are driven by a new approach to building business software and by fantastic execution by our nearly 5,000 employees around the world," Nelson says.