BlackLine Beats Wall Street Expectations

BlackLine Inc. beat Wall Street estimates on revenue and adjusted earnings in the fourth quarter. The Woodland Hills accounting software developer reported on Thursday adjusted net income of $1.5. million (3 cents a share) for the quarter ending Dec. 31. That compares to adjusted net income of $3.3. million (6 cents) in the same period a year earlier. Revenue increased by 25 percent to $62.3 million. Analysts on average expected earnings of 1 cent on revenue of $61.7 million, according to Thomson Financial Network. Chief Executive Therese Tucker said that in the fourth quarter there was strong global demand for BlackLine’s software. “In our customer and partner events, we see enthusiasm for BlackLine’s products and vision and are encouraged to see a growing number of companies embrace digital transformation in their finance and accounting departments,” Tucker said in a statement. BlackLine announced its earnings after the market closed. Shares of BlackLine (BL) closed up 79 cents, or more than 1 percent, to $49.24 on the Nasdaq.