NetSuite closed in typical fashion what promised to be the final quarter before it is subsumed by Oracle – growth in turnover continued, as did operating overheads and losses.
The cloudy ERP firm reported Q3 results for the period ended September, while reiterating it will not give guidance for the fourth quarter and has scrapped previous, full-year targets.
The reason being the pending gobble by Oracle that was confirmed in the summer and now looks set to either close – or expire – on November 4, depending on whether shareholders approve the deal.
NetSuite reported a Q3 loss of $34.1m compared to $37.7m a year earlier, on revenue of $243.9, up 26 per cent. Loss per share landed at $0.42 versus $0.47.
The ERP-as-a-service slinger also saw increased costs – $50.2m compared to $44.3m.
Oracle has bid $9.3m to buy NetSuite but that deal has been thrown into question after shareholders took strong objection to a Larry Ellison purchase.
Citing the impending successful closure of the Oracle deal, NetSuite said in a statement:
“The company will not provide outlook for its fourth quarter 2016 financial results. Furthermore, the company does not expect to achieve its previously-issued full year revenue outlook range of $955 million to $975 million and is withdrawing all previously-issued financial outlook for the full year 2016.”
Author: Gavin Clarke
