What happened

Shares of BlackLine (NASDAQ:BL) got clobbered today, down by 13% as of 12:10 p.m. EDT, after the company reported second-quarter earnings.

So what

The cloud-based finance and accounting platform generated revenue of $42.3 million in the second quarter, up 46% year over year. That translated into a non-GAAP net loss of $1.4 million, or $0.03 per share. Both figures beat consensus estimates, which called for $41.5 million in sales and an adjusted net loss of $0.10 per share.

Person using accounting software on mobile devices

Image source: Getty Images.

The company added 128 net new customers during the quarter and now has nearly 2,000 customers.

Now what

"We delivered solid second quarter financial results and continued to execute against our operating initiatives and growth strategies," founder and CEO Therese Tucker said in a statement. "Market demand remains strong across all areas of our business; our teams are focusing on driving new logo growth, and further strengthening and building upon our existing customer relationships."

In terms of outlook, BlackLine expects third-quarter revenue to be in the range of $43.5 million to $44.5 million, which should translate into an adjusted net loss of $2.5 million to $3.5 million, or $0.05 to $0.07 per share. Full-year 2017 sales are forecast in the range of $170 million to $173 million, with a non-GAAP net loss of $8 million to $10 million, or $0.15 to $0.19 per share. It's not clear why investors are so disappointed in the results, but shares have been trading higher in recent months so expectations could have been elevated heading into the release.

Evan Niu, CFA has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.