MOUNTAIN VIEW, Calif. - Confluent, Inc. (NASDAQ:CFLT) saw its shares soar nearly 16% in after-hours trading on Wednesday after the data streaming platform provider reported better-than-expected third quarter results and raised its full-year outlook.
The company posted adjusted earnings of $0.10 per share for Q3, beating analyst estimates of $0.05 per share. Revenue came in at $250.2 million, surpassing the consensus forecast of $245.05 million and representing a 25% YoY increase.
"We exceeded all guided metrics for Q3, including year-over-year subscription revenue growth of 27%," said Jay Kreps, co-founder and CEO of Confluent.
Confluent Cloud revenue grew 42% YoY to $130 million in the quarter. The company also reported 1,346 customers with $100,000 or greater in annual recurring revenue, up 14% from the prior year.
For Q4, Confluent expects revenue between $245-$246 million, below analyst estimates of $257.1 million. However, the company raised its full-year 2024 revenue guidance to $916.5-$917.5 million, up from its previous outlook.
"Given our third quarter performance, we are raising our full-year 2024 subscription revenue guidance, and are now targeting positive non-GAAP operating margin and free cash flow margin for 2024," said CFO Rohan Sivaram.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.