Cloud Growth Drives Confluent’s Impressive First Quarter Earnings and Revenue Beat

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Cloud Growth Drives Confluent’s Impressive First Quarter Earnings and Revenue Beat

SiliconANGLE2023-05-04

Big data streaming company Confluent Inc. delivered a strong earnings and revenue beat as it posted its first quarter financial results today, sending its stock higher in late trading.The Mountain ...

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Losses before certain costs such as stock compensation came to 9 cents per share, while revenue jumped 38% to $174.3 million.Although the company’s net losses increased, Confluent’s results came in well ahead of Wall Street’s forecast of a 14 cent loss on $167.1 million in sales.Confluent is a rising player in the big data software space. It’s the primary developer of the Apache Kafka open-source platform that’s used by enterprises to track data points such as sales, trades, orders and customer feedback in real time. This data is delivered in real-time streams, and companies can use Confluent’s proprietary software to analyze it instantly. Apache Kafka is used by as much as 80% of the Fortune 500.The rapid growth Confluent is seeing is primarily due to its Confluent Cloud platform, which is an enterprise-grade version of Apache Kafka that runs on Amazon Web Services, Google Cloud and Microsoft Azure. It offers the advantage of being much simpler to deploy and manage than the open-source Kafka software.Confluent Cloud revenue rose 89% from a year earlier to $74 million, meaning it now accounts for just under half of the company’s total sales. Confluent said its number of customers who deliver at least $100,000 in annual recurring revenue rose 34% to 1,075 by the end of the quarter. It also reported remaining performance obligations of $743 million, up 35%.Confluent co-founder and Chief Executive Jay Kreps (pictured) hailed his company’s achievement in beating all metrics during the quarter. “Achieving this high growth as companies scrutinize every dollar spent is a testament to the mission criticality of our cloud-native platform and the lower total cost of ownership customers receive from using Confluent,” he said.Investors were no doubt delighted to see that Confluent shows no signs of slowing down. For the next quarter, the company forecast a loss of 8 cents to 6 cents per share, above Wall Street’s estimate of a 10 cent per share loss. Confluent also forecast revenue of between $181 million and $183 million, versus the $181.4 million consensus estimate.Confluent’s stock gained nearly 6% in extended trading, reversing a decline of more than 2% that occurred during the regular trading session.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":4,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}