NetSuite Inc N released its second quarter financial numbers reporting better than expected adjusted earnings and revenue. The results come on the heels of the company being acquired by Oracle Corporation ORCL.
The industry's leading cloud-based financials / ERP and omnichannel commerce software suites provder said its revenue reached $230.8 million in the three-month period April to June, representing a 30 percent year-over-year increase.
NetSuite suffered a loss of $37.7 million or a loss of $0.47 a share in the second quarter. In comparison, it incurred a loss of $32.3 million or $0.41 loss per share in the year-ago period. On a Non-GAAP basis, its net income would have been $6.6 million or $0.08 per share, which was higher than $1.7 million or $0.02 per share recorded in the second quarter of 2015.
Wall Street analysts estimated the company to report EPS of $0.03 on revenue of $230.58 million for the same period. The company indicated that its operating cash flows jumped 53 percent on a year-over-year basis to $36.7 million in the second quarter.
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