Netsuite results beat estimates, shares rise

Thu Jan 31, 2013 5:02pm EST

Jan 31 (Reuters) - Business software maker NetSuite Inc posted better-than-expected quarterly results, helped by a 26 percent rise in subscription and support revenue, sending shares up 7 percent after the bell.

NetSuite, which is majority owned by Oracle Corp Chief Executive Larry Ellison, makes web-based software for small and mid-sized businesses to manage their networks and customer-relationship management tools.

The company reported a net loss of $9.6 million, or 13 cents per share, in the fourth quarter, compared with a net loss of $7.6 million, or 11 cents per share, a year earlier.

Excluding items, NetSuite earned 6 cents per share. Revenue rose 33 percent to $85 million.

Analysts on average had expected earnings of 4 cents per share on revenue of $83 million, according to Thomson Reuters I/B/E/S.

Shares of the San Mateo, California-based company closed at $70.23 on Thursday on the New York Stock Exchange.