CFLT - Why Confluent Stock Is Skyrocketing This Week
2024-02-09 10:09:37 ET
Confluent (NASDAQ: CFLT) stock is posting explosive gains in this week's trading. The data streaming specialist's share price was up 35.4% from last week's market close as of 9:45 a.m. ET this Friday, according to data from S&P Global Market Intelligence .
Confluent posted its fourth-quarter earnings results after the market closed on Feb. 7 and reported sales and profits that beat Wall Street's targets. The company posted non-GAAP (adjusted) earnings per share of $0.09 on sales of $213.8 million, topping the average analyst estimate's call for per-share earnings of $0.05 on sales of $205.56 million.
Confluent's sales rose roughly 26.4% year over year in the fourth quarter, and the business also posted encouraging progress on the margins front. The business's adjusted operating margin improved to 5.3% -- up from a margin of -21.5% in last year's quarter.
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Why Confluent Stock Is Skyrocketing This Week