Backblaze Inc Reports Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Backblaze, Inc. Reports Q2 2024 Financial Results
Backblaze, Inc. (BLZE) reported its financial results for the quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change | QoQ Change | Consensus Estimates |
|---|---|---|---|---|---|---|
| Total Revenue | $31.5M | $30.4M | $24.8M | +27% | +3% | $30.79M |
| Earnings Per Share (EPS) | $-0.27 | $-0.30 | $-0.47 | +42% | +10% | $-0.27 |
Interpretation: Backblaze demonstrated strong year-over-year revenue growth, increasing by 27% to reach $31.5 million. This growth was slightly above the consensus estimate of $30.79 million. The company's EPS met the consensus estimate of -$0.27, showing substantial improvement from the prior year's EPS of -$0.47 and a slight improvement from the previous quarter's EPS of -$0.30.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change |
|---|---|---|---|
| B2 Cloud Storage | $18.5M | $13.9M | +33% |
| Computer Backup | $12.9M | $10.7M | +21% |
Interpretation: Both major segments, B2 Cloud Storage and Computer Backup, saw significant year-over-year revenue growth of 33% and 21%, respectively. This growth indicates strong customer retention and new customer acquisition across both segments.
Summary of Comments from Company's Officers
Management expressed confidence in the continuous growth trajectory, highlighting the success in both the B2 Cloud Storage and Computer Backup segments. The recent price increases implemented in late 2023 have not significantly impacted customer retention and have contributed positively to the overall revenue.
Forward Guidance
The company did not provide forward guidance for future quarters in this report.
Stock Price Movement
Following the earnings release, Backblaze’s stock price experienced a positive movement of 1.57%.
In Summary: Backblaze, Inc. reported strong financial results for Q2 2024, surpassing revenue estimates and demonstrating significant year-over-year and quarter-over-quarter improvements. Both major revenue segments showed healthy growth, and the company's earnings per share met the consensus estimate, showing steady progress toward profitability.
Note: All data has been directly sourced from the provided earnings release content.