Confluent (CFLT) Stock Skyrockets Following Impressive Sales and Earnings Beat in Data Software Sector
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- Data software company Confluent (CFLT) has reported first-quarter earnings and sales that exceeded expectations, causing a surge in its stock value.
- The company’s adjusted earnings were 5 cents per share on sales of $217 million, surpassing analysts’ projections.
- Confluent’s Cloud business has shown significant growth, with its revenue increasing by 45% year over year to $107 million in the first quarter.
Confluent (CFLT) reports impressive Q1 earnings and sales, exceeding expectations and leading to a surge in stock value. The company’s Cloud business also shows significant growth.
Confluent Surpasses Expectations in Q1 Earnings
The Mountain View, Calif.-based company reported adjusted earnings of 5 cents per share on sales of $217 million for the March-ended quarter. Analysts had projected Confluent would post adjusted earnings of 2 cents per share on sales of $211.6 million, according to FactSet. This represents a 25% increase in sales from the same quarter a year earlier. Earnings also swung from an adjusted loss of 9 cents per share for the first quarter in 2023.