Backblaze, Inc. (BLZE) Reports Q3 Loss, Tops Revenue Estimates

Company Performance - Backblaze, Inc. reported a quarterly loss of $0.10 per share, better than the Zacks Consensus Estimate of a loss of $0.11, and an improvement from a loss of $0.21 per share a year ago, representing an earnings surprise of 9.09% [1] - The company posted revenues of $32.59 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 0.16% and showing an increase from $25.3 million in the same quarter last year [2] - Over the last four quarters, Backblaze has exceeded consensus EPS estimates four times and has also topped consensus revenue estimates four times [2] Stock Outlook - Backblaze shares have increased by approximately 5.3% since the beginning of the year, while the S&P 500 has gained 24.3% [3] - The company's earnings outlook will be crucial for future stock performance, with current consensus EPS estimates at -$0.08 for the coming quarter and -$0.44 for the current fiscal year [4][7] Industry Context - The Internet - Software industry, to which Backblaze belongs, is currently ranked in the top 25% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Backblaze's stock performance [5]