The company’s updated guidance follows a third-quarter performance that showed narrowing losses. Backblaze reported a quarterly loss of $2.4 million, or 4 cents a share, an improvement over the $3.8 million loss recorded during the same period last year. On an adjusted basis, the firm delivered earnings of 9 cents per share, significantly higher than the 5 cents projected by FactSet analysts.
In section Market Quotes
Backblaze Stock Jumps as Cloud Revenue Outlook Beats Estimates
A 33% surge in after-hours trading greeted Backblaze on Monday after the company lifted its full-year revenue forecast. The cloud storage provider now anticipates reaching up to $178.2 million in annual revenue, comfortably outpacing the $173 million consensus estimate previously held by Wall Street analysts.
Total revenue climbed 26% to $46.7 million, driven largely by the firm's B2 cloud storage division. That segment reported a 47% increase, generating $30.5 million in revenue. Prior to Monday's rally, Backblaze shares had already gained 59% year to date, despite closing the regular session down 2.5% at $7.40.
Comments (0)
No comments yet. Be the first!