Data infrastructure software company, Confluent (NASDAQ:CFLT) will be reporting results tomorrow after market hours. Here's what you need to know.
Last quarter Confluent reported revenues of $139.4 million, up 57.8% year on year, beating analyst revenue expectations by 5.71%. It was a strong quarter for the company, with an exceptional revenue growth and a solid beat of analyst estimates. The company added 66 enterprise customers paying more than $100,000 annually to a total of 857.
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This quarter analysts are expecting Confluent's revenue to grow 41.2% year on year to $144.8 million, slowing down from the 66.7% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.17 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company has a history of exceeding Wall St's expectations, beating revenue estimates every single time over the past two years on average by 9.87%.
With Confluent being the first among its peers to report earnings this season, we don't have anywhere else to look at to get a hint at how this quarter will unravel for software stocks, but investors in the segment have had steady hands going into the earnings, with the stocks up on average 1.67% over the last month. Confluent is up 6.14% during the same time, and is heading into the earnings with analyst price target of $39.05, compared to share price of $26.25.
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The author has no position in any of the stocks mentioned.