When BlackLine Inc. (NASDAQ: BL) reported its second-quarter financial results after the markets closed on Thursday, the software firm said that it had $0.10 in earnings per share (EPS) and $69.66 million in revenue. That compared with consensus estimates of $0.01 in EPS and $68.04 million in revenue, as well as the $0.01 per share and $55.45 million posted in the same period of last year.
For the latest quarter, subscription and support revenues increased 24.5% year over year to $66.07 million, and professional services revenues increased 49.5% to $3.60 million.
During the quarter, BlackLine added 106 net new customers, for a total of 2,813. At the same time, the firm expanded its user base to 236,802.
Looking ahead to the third quarter, the company expects to see EPS in the range of $0.02 to $0.04 and revenue between $71.7 million and $72.7 million. Consensus estimates call for $0.04 in EPS and $71.29 million in revenue for the quarter.
Therese Tucker, founder and CEO, commented:
Q2 was a good quarter driven by strong demand for our solution and a record number of large deals. BlackLine continues to be selected as the strategic partner of choice among organizations undergoing large, financial transformation projects. With this as our foundation, we will continue to focus on driving growth and delivering value to our customers.
Shares of BlackLine traded up about 25% Friday morning at $53.31. The 52-week range is $34.01 to $58.11, and the consensus price target is $52.33.