Shares of Blackline Inc. (NASDAQ: BL) surged 7.20% in after-hours trading on Tuesday, following the release of its first-quarter financial results that exceeded analyst expectations and provided an optimistic outlook for the upcoming quarters.
The financial automation software company reported Q1 revenue of $166.931 million, slightly beating the IBES estimate of $166.7 million. More impressively, Blackline's adjusted earnings per share (EPS) came in at $0.49, significantly outperforming the analyst consensus estimate of $0.38 by 28.95%. This strong performance, despite a 9.26% decrease from the same period last year, seems to have boosted investor confidence.
Adding to the positive sentiment, Blackline provided an encouraging outlook for both the second quarter and the full year. The company expects Q2 revenue to be between $170-172 million, while the full-year revenue forecast ranges from $692-705 million. These projections suggest continued growth and stability, which likely contributed to the stock's after-hours rally. As Blackline continues to navigate the competitive landscape of financial software solutions, investors appear optimistic about its future prospects and ability to maintain its growth trajectory.
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