Confluent Analysts Boost Their Forecasts After Upbeat Earnings

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.

 

Check This Out: ConocoPhillips, Disney And 3 Stocks To Watch Heading Into Thursday

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsPrice TargetMarketsAnalyst RatingsTrading IdeasPT Changes
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!