CFLT - Confluent stock surges following Q3 beats solid guidance

Confluent (NASDAQ:CFLT) shares are up 14% in pre-market trading following yesterday's third-quarter results, beating top and bottom-line estimates. Revenue was up 66% year-over-year to $102.6M, topping analyst estimates by $11.9M; Cloud revenue jumped 245% on the year to $27M. Adjusted loss per share of $0.17 was six cents better than analysts expected. Remaining performance obligations also rose 75% to $385M. 664 customers with $100k or greater in ARR, up 48% year over year. "We delivered our first quarter with more than one hundred million dollars in total revenue, a milestone for our business, and saw continued year-over-year growth acceleration in total revenue, Confluent Cloud revenue, and remaining performance obligations," said Steffan Tomlinson, CFO, Confluent. "Our strong dollar-based net retention rate, which once again exceeded 130% in the third quarter, is a testament to the power of our data-in-motion platform and the strength of our go-to-market model." For Q4, Confluent (CFLT) expects $108-110M in revenue

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Confluent stock surges following Q3 beats, solid guidance