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NETSUITE STAYS HOT IN FY 2021 Featured

Oracle NetSuite ended fiscal 2021 with a 26-percent rise in revenue, the company said this week. That left NetSuite revenue up 22 percent for the year ended May 30.

Oracle’s Fusion ERP business also boomed, rising 46 percent for the fourth quarter; 42 percent for the year. The company does not break out revenue for individual product lines, but gave a rare overall assessment. “Our strategic back-office cloud applications now have an annualized revenue of $4.4 billion and grew 32 percent in constant currency for the quarter, CEO Safra Katz said during the week’s earnings webcast. She added, “Our back-office cloud application revenue is not only bigger than our nearest competitor but also growing more than twice as fast.” Chairman Larry Ellison said the split for new customers versus upgrades for Fusion ERP is probably “about 60-40 or in the 60s”. Bottom-line growth was also strong, reaching $13.75 billion, an increase of 36 percent over $10.14 billion in last year’s corresponding period. Revenue for the most recently ended year was $40.48 billion, an increase of 4.2 percent over slightly mor than $39.1 billion for fiscal 2020; up 2 percent in constant currency. Given the strong growth, Oracle plans to increase spending on cloud products to increase market share, Katz commented. “We expect to roughly double our cloud capex spend in FY 2022 to nearly $4 billion,” she said. Katz described cloud business this way: “Our back-office cloud application revenue is not only bigger than our nearest competitor but also growing more than twice as fast.”

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