Why Backblaze Stock Skyrocketed Today
Backblaze (NASDAQ: BLZE) stock surged in Friday's trading. The company's share price rose 24.5%, according to data from S&P Global Market Intelligence. Shares had been up as much as 32.9% earlier in the daily session.
Backblaze published second-quarter results after the market closed yesterday and posted sales and earnings that beat Wall Street's expectations. In addition to the better-than-anticipated Q2 results and forward guidance, the company's stock also got a boost thanks to bullish coverage from an analyst.
Backblaze reported a non-GAAP (generally accepted accounting principles) adjusted loss per share of $0.11 on sales of $31.3 million in the second quarter. For reference, the average analyst estimate had called for the business to post an adjusted per-share loss of $0.13 on sales of roughly $31 million.
Source Fool.com
