Shares of BlackLine Inc. fell nearly 19 percent Friday even though the company released second-quarter financial results the previous day that topped Wall Street estimates for both revenue and earnings.
The cloud-based accounting software provider, headquartered in Woodland Hills, reported a loss of $1.4 million (-3 cents a share) for the quarter ended June 30. Analysts on average had expected earnings of -10 cents a share, according to Thomson Financial.
BlackLine generated revenues of $42.3 million during the quarter, beating analysts’ predictions by around $850,000. Revenues increased roughly 46 percent year-over-year, according to the company.
Guidance provided by the company indicates larger losses in the future. The company projects a loss for the third quarter between $2.5 million and $3.5 million, and for the full year between $8 million and $10 million.
The firm added 128 customers during the second quarter, bringing its total to just shy of 2,000, the company said.
BlackLine (BL) announced its quarterly results after trading ended on Thursday. Shares closed Friday at $30.43, down $7.02 or 18.7 percent, on the Nasdaq.
The company went public in October at a share price of $17.