BlackLine Inc. beat Wall Street estimates on adjusted earnings and matched on revenue for the third quarter.
The Woodland Hills-based accounting software developer reported on Thursday adjusted net income of $15.1 million (21 cents a share) for the quarter ending Sept. 30, compared to an adjusted net income of $15.1 million (24 cents) in the same period a year earlier. Revenue increased by 23 percent from the prior year to $134 million.
Analysts on average expected earnings of 9 cents on revenue of $134 million, according to Thomson Financial Network.
Marc Huffman, chief executive of BlackLine, was pleased with the company’s financial results for the quarter as customer demand for its products remained healthy.
BlackLine’s products have become more relevant than ever as customers around the world continue to seek out ways to operate successfully in today’s market, he said.
“Our relentless focus on customer success, the strength and resiliency of our business model, and our proven market leadership reinforce our ability to succeed in the near-term while capturing the long-term opportunities ahead,” Huffman added in a statement.
Shares in BlackLine (BL) closed down $2.48, or about 4.8 percent, to $49.02 on the Nasdaq, on a day when that market closed down 1.7 percent.