Why Backblaze Stock Jumped Today
Written by Joe Tenebruso for The Motley Fool -> Backblaze is winning new customers and earning more business from existing clients. AI is boosting demand for the company's highly scalable storage s…
Backblaze is winning new customers and earning more business from existing clients.
AI is boosting demand for the company's highly scalable storage solutions.
Shares of Backblaze (NASDAQ: BLZE) rose sharply on Tuesday after the cloud storage platform's second-quarter financial results exceeded investors' expectations.
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Backblaze's revenue climbed 18% year over year to $42.7 million, driven by a 34% surge in its B2 Cloud Storage revenue to $26.6 million.
By integrating specialized hardware and software, Backblaze can offer high-performance yet affordable storage solutions for artificial intelligence ( AI ) and other data-intensive workloads.
That value proposition is helping Backblaze win new customers. Clients generating annual recurring revenue of $50,000 or more surged 57%.
Backblaze is also doing an admirable job of retaining and expanding its relationships with its existing customers. The company's net revenue retention rate for its B2 Cloud Storage offering checked in at an impressive 113%.
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