Cloud-based financial and ERP software provider NetSuite has reported record Q2 revenue up 23% to $57.8m and the largest number of new customer wins in two years, but they could not prevent losses at the company from growing to $9.8m.
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Subscription and support revenue was up 21% to $48.2m but the company's losses were 36% worse than the $7.2m deficit recorded for the same period in 2010 and they increased as a proportion of revenue from 15.3% in 2010 to just under 17%.
Despite the losses, Zach Nelson, CEO at NetSuite chose to accentuate the positive, claiming the results showed the company's "continued success in moving up market with the announcement of customer wins at billion-dollar revenue companies like Groupon and Qualcomm".
In addition, the company had signed its "largest ever recurring revenue contract with a 45,000 employee global organisation that planned to use NetSuite to automate its entire operation, including ERP".