Confluent, Inc. CFLT reported better-than-expected fourth-quarter financial results on Wednesday.
Revenue came in at $213.18 million, beating estimates of $205.26 million. Adjusted earnings were 9 cents per share, topping estimates of 5 cents per share, according to data from Benzinga Pro.
Subscription revenues were up 31% and Confluent cloud revenues were up 46%. Confluent said it ended the quarter with 1,229 customers with $100,000 or greater in annual recurring revenue.
“Our momentum is driven by our leadership of the data streaming platform category, which has become a requirement to deliver business critical use cases like connected customer experiences, cloud migrations and now real time generative AI,” said Jay Kreps, co-founder and CEO of Confluent.
Confluent expects first-quarter revenue to be between $211 million and $212 million. Subscription revenues are expected to be between $199 million and $200 million. The company guided for adjusted operating margin of negative 4% in the first quarter. Confluent expects adjusted net income per share of zero to 2 cents in the first quarter.
Confluent also sees full-year 2024 revenue of approximately $950 million. Adjusted operating margin is expected to be approximately flat. The company anticipates full-year net income of approximately 17 cents per share.
Confluent shares gained 3.5% to close at $24.29 on Wednesday.
- These analysts made changes to their price targets on Confluent after the company reported quarterly results.
- Needham raised the price target on Confluent from $30 to $35. Needham analyst Mike Cikos maintained a Buy rating.
- Wells Fargo boosted the price target on Confluent from $30 to $36. Wells Fargo analyst Michael Turrin maintained an Overweight rating.
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Image and article originally from www.benzinga.com. Read the original article here.