BlackLine Inc. beat Wall Street expectations on revenue and adjusted earnings in the fourth quarter.
The Woodland Hills accounting software developer reported on Thursday adjusted net income of $8 million (14 cents a share) for the quarter ending Dec. 31, compared with an adjusted net income of $1.1 million (2 cents) in the same period a year earlier. Revenue increased 29 percent to $80.3 million.
Analysts on average expected earnings of 13 cents on revenue of $77.9 million, according to Thomson Financial Network.
Chief Executive Therese Tucker said that the year closed strong for the company as it saw a global demand from companies investing in the digital transformation of accounting practices.
“I am incredibly pleased with our consistent execution and with what we were able to accomplish in 2019 to drive growth, scale the business and maintain a strong leadership position,” Tucker said in a statement. “Looking ahead, we will remain focused on our customers’ success and executing on our multi-year strategy to drive sustainable growth.”
Shares of BlackLine (BL) closed up $1.58, or 2.5 percent, to $65 on the Nasdaq.