BlackLine Inc. beat Wall Street expectations on adjusted earnings and on revenue for the third quarter.
The Woodland Hills accounting software developer reported on Thursday an adjusted net income of $15 million (24 cents a share) for the quarter ending on Sept. 30, compared with adjusted net income of $15 million (25 cents) in the same period a year earlier. Revenue increased by 21 percent to $109 million.
Analysts on average expected earnings of 11 cents on revenue of $107 million, according to Thomson Financial Network.
Marc Huffman, chief executive of BlackLine, said that the company’s momentum continued in the third quarter driven by a demand for its software, resulting in another quarter of solid financial performance.
“Companies are emerging from the pandemic with a greater sense of urgency to upgrade outdated back-office systems and to improve their financial processes,” Huffman said in a statement. “We believe this is the beginning of the next large and enduring investment cycle in financial and accounting systems.”
Shares of BlackLine (BL) closed up $1.96, or about 1.5 percent to $129 on the Nasdaq, on a day when that market closed up less than 1 percent.