NetSuite's Loss Beats Estimates - TheStreet

SAN FRANCISCO - On-demand software developer NetSuite (N) narrowed its first-quarter loss Thursday and boosted full-year revenue guidance.

The San Mateo, Calif. software company posted revenue of $34.1 million, up 47% from $23.2 million for the same period of last year. Analysts were expecting a top line of $33.7 million, according to Thomson Financial.

The company cut its loss to $2 million, or 3 cents a share, from a loss of $9.3 million, or $1.24 a share, in the same quarter of the prior year.

Excluding special items, NetSuite lost a penny a share. Analysts were expecting a loss of 2 cents a share.

The stock was down 68 cents, or 3%, to $21.63 in after-hours trading, giving back some of the 13% gain from Thursday's session.

For the second quarter, the company expects revenue of $36 million to $36.7 million and EPS, excluding items, ranging from break-even to a loss of 2 cents. Analysts were looking for revenue of $36.6 million and a loss of a penny a share.

NetSuite raised its guidance range for full-year revenue by $1 million to $154 million to $157 million, and reaffirmed EPS guidance for a loss of four cents to a penny. Analysts were expecting a revenue of $155.1 million and a loss of 2 cents a share.

NetSuite provides on-demand software to businesses, a category in which

Salesforce.com

(CRM) - Get Report

is the leader and traditional software supplier

SAP

(SAP) - Get Report

this week delayed rolling out its software-as-a-service product. On Wednesday, on-demand software supplier

Omniture

( OMTR) reported first quarter revenue growth of 136%, but a wider loss on the bottom line.