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NETSUITE REVS JUMP 29 PERCENT Featured

The fast-paced growth of Oracle NetSuite continued in the third quarter ended February 28. NetSuite revenue was up 29 percent, the company said with the release of quarterly earnings.

Revenue for Fusion ERP was up 35 percent and Fusion HCM 22 percent. That level of growth contrasted with Oracle’s overall year-over-year revenue increase of 4 percent, 7 percent in constant current. Oracle said there are now 10,000 Fusion ERP customers. It was fuzzy on the number of NetSuite customers reporting there were “another almost 30,000 customers in total, including NetSuite.”  A year ago, chairman Larry Ellison said there were more than 28,000 NetSuite customers when the company held its earnings call for fiscal 2021, which is not exactly the same measurement.. For Q3 2022, Oracle net income of $2.2 billion, a decrease of 51 percent from more than $5 billion a year ago. Last year’s bottom line benefit from an income tax benefit of $1.75 billion while for the most recently ended quarter there was tax expense of $521 million. Another $315 million was lost in non-operating expenses, up sharply from $17 million in last year’s corresponding period. Revenue from to $10.51 billion from $10.09 billion.

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