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NetSuite narrows losses

4th Dec 2007
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With an IPO still in the offing, NetSuite has reported a narrower quarterly loss and sharply higher revenue.

The Software as a Service (SaaS) firm posted a third-quarter loss of $1.8 million, compared with a loss of $9.2 million a year earlier. Revenue rose to $28.07 million from $17.95 million.

NetSuite also said in the filing that it purchased $5.6 million worth of software from Oracle in May. The firm recently announced that Oracle CEO Larry Ellison – its largest shareholder - would be locking away his shares of around 61 percent in order to take away his voting rights and reduce conflict-of-interest charges.

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