86.8 F
San Fernando
Tuesday, Oct 3, 2023

BlackLine Beats Wall Street Estimates

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.

James Brock
James Brock
James Brock has worked in newsrooms around the world, including in New York, Paris, Abu Dhabi, Dubai, Houston, and Los Angeles. He began his career with a Newhouse News daily, where he served on the news desk and the editorial page. He was the copy chief for The New York Sun, and founded and edited the personal finance section for Abu Dhabi-based The National, among other positions. He has interviewed Anthony Bourdain, Tom Ford, Mark Cuban, and many other individuals, and has written and edited thousands of stories and articles.

Featured Articles

Related Articles