So Greece is imploding, the flow on effects to the greater Eurozone (and even farther afield) are unknown. Wall Street is down and it’s fun to look at how tech stocks are doing…

msft .

Microsoft, down 2.37% on heavy trading.

aapl

One million iPads and Apple is still down, even so more than Microsoft.

goog

What’s going on here – Google the wunderkind down close to 5% on double average volumes?

So what about the new bastion of tech stocks – the listed SaaS vendors. One down, two up on my highly unscientific sample. Standout performer seems to be NetSuite (see disclosure), up 4% on a day when the market is tanking. So why?

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Well yesterday saw NetSuite’s earnings call which saw some pretty stellar results given the difficult times:

Total revenue for the first quarter of 2010 was $43.9 million. Revenue from the Americas for the first quarter of 2010 was $35.5 million, while revenue from international regions was $8.4 million.

GAAP operating loss for the first quarter of 2010 was $6.6 million, compared to a GAAP operating loss of $4.0 million in the first quarter of 2009. On a GAAP basis, net loss for the first quarter of 2010 was $7.1 million, or $(0.11) per share, compared to a net loss of $3.7 million, or $(0.06) per share in the first quarter of 2009.

Non-GAAP operating income for the first quarter of 2010 improved 81% year-over-year, growing to $1.4 million, compared to a non-GAAP operating income of $790,000 in the first quarter of 2009. Non-GAAP net income for the first quarter of 2010 was $930,000, or $0.01 per share, as compared to a non-GAAP net income of $1.0 million, or $0.02 per share, for the first quarter of 2009.

Calculated bookings for the quarter reached $47 million, representing the highest total for a quarter in the company’s history and growing 27% year-over-year and 2.5% sequentially. The year-over-year growth represents the fastest calculated bookings growth in more than a year. This sequential growth represents the first time in the company’s history as a public company that calculated bookings have grown Q1 over Q4. Calculated bookings are defined as the change in total deferred revenue plus revenue.

And on the back of these impressive numbers, CEO Zach Nelson took aim at some of the big boys, coming out fighting at both Microsoft and SAP and decrying their lethargy, apparent inability to innovate. It’s an interesting approach, and one that a company like NetSuite can only leverage for a short period of time – they’re getting bigger and with that comes a degree of slowness, there will soon come a point in time when they have to have a much more “high brow” discussion with the market about themselves and their competitors. For now though, sit back and enjoy the punches Zach throws around:

Microsoft announced a bizarre offering to wind the clock back 15 years

The current score is NetSuite 6,600, SAP 100

We’ll await the next chapter with anticipation!

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Ben Kepes

Ben Kepes is a technology evangelist, an investor, a commentator and a business adviser. Ben covers the convergence of technology, mobile, ubiquity and agility, all enabled by the Cloud. His areas of interest extend to enterprise software, software integration, financial/accounting software, platforms and infrastructure as well as articulating technology simply for everyday users.

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