Backblaze, the cloud-storage platform, has reported impressive fourth-quarter results that exceeded analysts' expectations. The company's shares experienced a significant increase of 30%, reaching a 52-week high at $10.53.
Quarterly Performance
Backblaze recorded a quarterly loss of $11.4 million, or 30 cents per share, marking a significant improvement from the $14.5 million loss, or 44 cents per share, in the same quarter of the previous year. Analysts surveyed by FactSet had predicted a loss of $14 million, or 37 cents per share.
The company's revenue for the quarter amounted to $28.7 million, surpassing last year's $22.9 million and exceeding the analysts' estimate of $28.2 million.
Revenue Breakdown
Backblaze's B2 Cloud Storage revenue witnessed a substantial increase of 47%, reaching $14 million. Additionally, its Computer Backup revenue amounted to $14.7 million, demonstrating growth of 10%.
Promising Outlook
For fiscal year 2024, Backblaze projects a revenue range of $126 million to $128 million, indicating a positive outlook. Analysts are slightly more modest in their estimates, predicting revenue of $126.8 million.
Analyst Perspective
Both Oppenheimer and Raymond James have raised their price targets for Backblaze shares, suggesting a positive market sentiment. Oppenheimer increased its target price to $11 from $7.50 per share, maintaining an Outperform rating. Meanwhile, Raymond James raised its target price to $14 from $12 per share, also maintaining an Outperform rating.
Overall, Backblaze's strong quarterly performance, revenue growth in key segments, and favorable outlook have contributed to its recent share price surge.
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