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NETSUITE REVS RISE 27 PERCENT Featured

 NetSuite’s hot pace shows no signs of slowing down for the year ended May 31.  Parent Oracle reported this week revenue for the cloud-based products grew by 27 percent in the fourth quarter, up 30 percent in constant currency.

Fusion ERP Cloud revenue rose by 20 percent year-over-year, a rise of 23 percent in constant currency. Oracle does provide actual not revenue for the two lines but during an earnings webcast, CEO Safra Catz said the compan'sy strategic back-office cloud applications, including NetSuite and Fusion, now have annualized revenue of $.4 billion, an increase of 24 percent in constant currency. Net income for the most recently ended year dropped by 51 percent to $6.72 billion from $13.45 billion last year. Acquisition-related costs of $4.7 billion dented operating results, up from minimal similar costs in last year’s corresponding quarter. Revenue for FY 2022 was $42.44 billion, rising 5 percent from $40.48 billion for 2021, a 7-percent increase in constant currency. Oracle expects cloud revenue growth to accelerate. "We continue to expect cloud growth  in revenue will accelerate substantially in fiscal 2023," Catz said. For 2023, Oracle expects cloud revenue growth of more than 30 percent in constant currency, excluding results for its recently acquired Cerner healthcare business. With Certner, that will rise by 47 percent to 50 percent.

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