February 19, 2008, 12:00 AM

NetSuite says annual revenue rises 62% to record high

NetSuite, a provider of e-commerce systems and other technology to small and mid-sized businesses, says revenue last year rose 62% to $108.5 million, as its net loss narrowed 33% to $23.9 million.

NetSuite Inc., a provider of e-commerce systems and other technology to small and mid-sized businesses, says revenue rose 62% year-over-year to $108.5 million for the year ended Dec. 31, as its net loss narrowed 33% to $23.9 million.

“Our fourth quarter and fiscal year 2007 results capped off the best year in our history by every measure,” says CEO Zach Nelson.

NetSuite says its 2007 net loss, figured on a non-GAAP basis that doesn’t factor in the cost of stock-based compensation, was $5.7 million, a 72% improvement from $20.4 million in 2006. GAAP, or generally accepted accounting principles, is the standard accounting method used by public U.S. companies.

For the fourth quarter, NetSuite reported a 57% year-over-year increase in revenue to $31.7 million, marking what the company says is its 33rd consecutive quarter of revenue growth. Q4 net loss was $3.3 million, a 59% improvement from a net loss of $8.1 million in Q4 of 2006. Non-GAAP net loss for Q4 was $842,000, compared to $3.9 million in Q4 2006.

NetSuite, which went public in December, gained about 430 new customers in Q4, ending the year with more than 5,600 active customers, it says.

The company expects full-year 2008 revenue to grow by more than 40% year-over-year to get within the range of $153 million to $156 million, it says.

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