Software as a service (SaaS) business suite vendor NetSuite Inc. has announced operating results for its first quarter ended March 31, 2008.

The San Mateo-based company has announced Q1 revenue of $34.1 million – a 47% year-on-year increase over the first quarter of 2007, and an eight percent increase over Q4 2007. The company says this is the 34th consecutive quarter of growth. Despite this, Net loss on a non-GAAP basis for the first quarter of 2008 was $(420,000), or $(0.01) per share.

For the full year 2008, NetSuite has issued guidance of revenues in the range of $154 million to $157 million. Non-GAAP net loss, which excludes the impact of stock-based compensation expense, is expected to be in the range of $(2.5 million) to $(0.5 million).