Software developer NetSuite reported that its third-quarter 2008 revenues rose 44 percent compared to the year-ago quarter, but its net loss increased.
The company, which develops Internet-based accounting and other business software, said its total revenue in the third quarter of this year was $40.4 million, an 11 percent increase over the second quarter.
On a generally accepted accounting principles basis, net loss for the third quarter of 2008 was $6.2 million, or $0.10 per share, compared to $1.8 million, or $0.21 per share, in the third quarter of 2007.
Among the reasons cited by the company for the losses were the strengthening of the U.S. dollar, which led to heavy foreign exchange losses, along with the costs of stock-based compensation and the amortization of intangible assets.
Revenue from the Americas was $33.2 million, while revenue from international regions outside the Americas was $7.2 million and now comprises 18 percent of total revenue. NetSuite added more than 300 new customers in the third quarter.
NetSuite's outlook was below analyst expectations. The company, which is majority owned by Oracle CEO Larry Ellison, anticipates fourth-quarter revenues of $41 million to $42 million, below the $45.4 million predicted by analysts.
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