On-demand software developer NetSuite reported 2007 revenue of $108.5 million, a 62 percent increase over 2006.
However, the company, which is majority-owned by Oracle CEO Larry Ellison, also predicted slower sales growth over the coming year. The company predicts continuing losses this year, although the losses are narrowing.
NetSuite, which went public last December, said its fourth quarter revenue was $31.7 million, a 57 percent increase over the fourth quarter of 2006, and a 13 percent increase over the third quarter of 2007.
The company's net loss for the fourth quarter was $3.3 million, or $0.22 per share, compared to $8.1 million, or $1.25 per share, in the fourth quarter of 2006. Net loss for the year was $23.9 million, or $2.45 per share, compared to $35.7 million, or $6.42 per share, in 2006.
"Our fourth quarter and fiscal year 2007 results capped off the best year in our history by every measure," said NetSuite CEO Zach Nelson in a statement. "We head into 2008 with tremendous market, customer and product momentum, not just in the U.S. but around the world."
For the first quarter of 2008, NetSuite expects total revenue in the range of $33 million to $34 million, with a net loss in the range of $1.5 million to $0.5 million, or $0.02 to $0.01 per share. For the year, NetSuite expects total revenue in the range of $153 million to $156 million, with a net loss in the range of $2.5 million to $0.5 million, or approximately $0.04 to $0.01 per share.
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