NetSuite Q4 Results Top View - Update

(RTTNews) - NetSuite Inc. (N), a provider of cloud-based financials / ERP and omnichannel commerce software suites, Thursday said its fourth-quarter net loss widened from the prior year, amid higher expenses. However, adjusted earnings and revenues topped estimates. The stock rose over 3 percent in the extended trade.

Net loss widened to $20.21 million or $0.27 per share from $9.62 million or $0.13 per share last year.

Non-GAAP net income $0.08 per share for the quarter, while it totaled $0.06 per share last year.

On average, 23 analysts polled by Thomson Reuters expected the company to report profit per share of $0.07 for the quarter. Analysts' estimates typically exclude special items.

Total revenue increased to $115.01 million from $85.01 million. Analysts expected revenues of $111.36 million for the quarter.

Subscription and support revenues increased to $93.56 million from $68.53 million, while Professional services and other generated $21.45 million, up from last year's $16.47 million. Operating expenses climbed to $94.23 million from $67.13 million.

Zach Nelson, CEO, said, ''2013 was a record year for NetSuite, and the fourth year in a row that NetSuite delivered accelerating revenue growth. Our continued execution and growth bear witness to the fact, that as companies move their core business applications to the cloud they are moving to NetSuite and leaving the pre-cloud solutions of Microsoft, Sage and SAP behind." N closed up 7.7 percent at $113.39 and rose 3.6 percent in the extended trade.