Netsuite announced results for its first quarter ended March 31, 2014, reporting $123 million, a 34 percent increase over the same period the prior year.

Cash flows from the cloud-based financials, ERP and omnichannel commerce software provider were $19.1 million in the first quarter of 2014, up from $14.7 million over the prior year.

On a GAAP basis, net loss for the first quarter of 2014 was $22.2 million ($0.29 per share) compared to a net loss of $13 million ($0.18 per share) in the first quarter of 2013.

Non-GAAP net income for the first quarter of 2014 was $4.4 million ($0.06 per share) compared to non-GAAP net income of $2.8 million ($0.04 per share) in the first quarter of 2013.

"NetSuite's fiscal year 2014 started strong with record first quarter results, as we grew year-over-year revenue by more than 30 percent for our seventh consecutive quarter, beat our outlook on revenue, operating cash flow and non-GAAP earnings per share, and are raising our revenue outlook for the full year," stated NetSuite CEO Zach Nelson. "There is clearly a changing of the guard taking place in the ERP market as evidenced by NetSuite’s significant market share growth, and by the shrinking core license business of non-cloud ERP vendors such as SAP."

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