April 27, 2012 / 4:56 AM / 6 years ago

CORRECTED-UPDATE 1-NetSuite 1st-qtr billings growth slows

* Q1 adj EPS $0.06 vs est $0.03

* Q1 rev up 30 pct to $69.3 mln vs est $67.8 mln

* Sees Q2 adj EPS $0.03 to $0.04 vs est $0.04

* Sees Q2 rev $73.0 mln to $73.5 mln vs est $72.3 mln

By Chandni Doulatramani

April 26 (Reuters) - Business software maker NetSuite Inc posted a fall in billings growth in the first quarter, sending its shares down as much as 4 percent in trading after the bell.

For the first quarter, calculated billings, which the company describes as revenue plus the change in deferred revenue, was $77.9 million, up 26 percent.

But the growth rate for calculated billings was down from the 36 percent recorded in the fourth-quarter, which pulled the stock down, analyst Jeffrey Houston of Barrington Research told Reuters.

The average selling price in the first quarter was flat, compared with an increase of 98 percent last year.

Lack of improvement in the average selling price affected the billings, analyst Scott Berg of Feltl & Co told Reuters.

Billings in the second quarter would slightly increase to 26 percent to 30 percent, Houston said.

The company, which is majority owned by Oracle Corp’s billionaire Chief Executive Larry Ellison, expects earnings of 3-4 cents per share on revenue of $73 million to $73.5 million in the second quarter.

Analysts, on average, were expecting earnings of 4 cents per share on revenue of $72.3 million, according to Thomson Reuters I/B/E/S.

First-quarter net loss narrowed to 11 cents per share from 12 cents per share a year ago.

Excluding items, the company earned 6 cents per share.

Revenue for the quarter rose 30 percent to $69.3 million. Subscription and support revenue grew 27 percent.

Analysts, on average, had expected 3 cents per share on revenue of $67.8 million.

Shares of the San Mateo, California-based company closed at $50.47 on Thursday on the New York Stock Exchange.

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