BlackLine Inc. missed Wall Street estimates on earnings and revenue in the fourth quarter.
The Woodland Hills accounting software developer reported on Thursday adjusted net income of $4.7 million (8 cents a share) for the quarter ending Dec. 31, compared to adjusted net income of $13.1 million (21 cents) in the same period a year earlier. Revenue increased by 20 percent to $115.3 million.
Analysts on average expected earnings of 10 cents on revenue of $114 million, according to Thomson Financial Network.
Chief Executive Marc Huffman said he was pleased with the fourth quarter results as the company executed its growth strategy and expanded its existing technology capabilities.
“The strong market demand and our execution continue to lay the foundation for our long-term growth as we make investments into our customer success, platform innovation and global reach,” Huffman said in a statement.
Shares of BlackLine (BL) closed down 97 cents, or just more than 1 percent, to $91.13 on the Nasdaq, on a day when that market closed down at just above 2 percent.