UPDATE 1-Netsuite raises full-year revenue forecast, shares rise
* Raises FY 2013 revenue forecast to $397 mln-$402 mln from $390 mln-$400 mln
* Sees FY 2013 adjusted earnings $0.26-$0.27
* Fourth-quarter adjusted earnings $0.06/share vs est $0.04
* Fourth-quarter revenue $85 mln vs est $83 mln
Jan 31 (Reuters) - Business software maker NetSuite Inc raised its 2013 revenue forecast, and said it would add jobs in its sales and product teams to meet strong demand.
Shares of the company rose 7.5 percent after the bell, after closing at $70.23 on the New York Stock Exchange on Thursday.
NetSuite raised its full-year revenue forecast to between $397 million and $402 million from $390 million to $400 million. The company also forecast full-year adjusted earnings of 26-27 cents per share.
Analysts on average were expecting full-year earnings of 31 cents, on revenue of $396.4 million, according to Thomson Reuters I/B/E/S.
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.
"Competitors like Microsoft in the midmarket are still trying to catch up with our product line as it existed circa 2007," Chief Executive Zach Nelson said on a conference call with analysts.
NetSuite, whose competitors also include SAP AG, said some of its rivals' largest customers had moved business to NetSuite's platform in 2012.
The company reported a net loss of $9.6 million, or 13 cents per share, for 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.
- California passes 'yes-means-yes' campus sexual assault bill
- Ukraine seeks to join NATO; defiant Putin compares Kiev to Nazis |
- In town halls, U.S. lawmakers hear voter anger over illegal migrants |
- IBM launches Watson system for research, hopes for breakthroughs
- U.N. says 43 Golan peacekeepers seized by Syria militants, 81 trapped