Cloud-based financial/ERP software vendor NetSuite has claimed record second-quarter revenue, but net profit dropped for the period.
For the quarter ended June 2013, total revenue was $101m (£65.5m), equating to a 35 per cent increase over the same period the previous year.
Non-GAAP net profit for the quarter was $4m, compared to $4.8m in the year-ago quarter. But GAAP net loss stood at $20.4m, compared with $9.9m the year before.
NetSuite also hailed record cashflow from operations of $15.6m, up from $15.2m in the same quarter of 2012.
Despite the drop in profit, chief executive Zach Nelson was in celebratory mood.
"If there was any question that mission-critical business applications were moving to NetSuite, this quarter should provide the answer," he said.
"In Q2 SAP actually reported software revenue down seven per cent year over year, while NetSuite reported recurring subscription and support revenue growing by 31 per cent, total revenue up 35 per cent, deferred revenue growing 39 per cent, ASP growing by more than 20 per cent and sales through our channel partners up more than 70 per cent year on year."
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