Cloud software company NetSuite just announced that it significantly beat estimates in its third quarter, and its shares are rising in after-hours trading.
Analysts had called for NetSuite to earn four cents a share on $141.6 million in revenue. It delivered nearly three times that result, posting a profit of 11 cents a share on a non-GAAP basis on revenue of $143.7 million. Sales rose 34 percent year on year. NetSuite shares rose nearly four percent in after-hours trading.
CEO Zach Nelson (pictured) took his usual jab at SAP, the German business software company with which NetSuite often competes. It was, he said, NetSuite’s ninth straight quarter with revenue growing by 30 percent or more year over year, whereas SAP reported a decline in software license sales for the sixth consecutive quarter. “The cloud giveth, and the cloud taketh away,” Nelson said. SAP also cut its profit outlook.
NetSuite sells cloud-based software that companies use to run their day-to-day operations, and has also recently branched into selling commerce and payment products.
This article originally appeared on Recode.net.