BlackLine Inc. beat Wall Street estimates on earnings and revenue in the first quarter, even though the company lost money.

The Woodland Hills accounting software developer reported an adjusted net loss of $2.9 million (-6 cents) on revenue of $38.6 million for the quarter ending March 31. That compares to a net loss of $5.9 million (-14 cents) in the same period a year ago.

Analysts on average expected an earnings loss of -9 cents on revenue of $37.3 million, according to Thomson Financial Network.

Chief Executive Therese Tucker said the company was excited about the strong demand for its products.

“We think BlackLine is ideally positioned to continue leading this market opportunity given our established brand, customer-centric approach and innovative solutions that improve the daily lives of finance and accounting professionals,” Tucker said in a prepared statement.

BlackLine released its earnings on Thursday. Shares closed Friday up 65 cents, or 2 percent, to $32.86 on the Nasdaq.