2023-08-03 16:41:45 ET
Business processing and analysis company Confluent (NASDAQ: CFLT) has been doing some solid business lately, and on Thursday shareholders rewarded it handsomely. They collectively traded its stock price up by more than 16%, in sharp contrast to the 0.3% slump of the S&P 500 index. The reason for the stock's leap on the day was Confluent's latest earnings release.
In its second quarter, Confluent earned $189 million in revenue. This was up a very strong 36% year over year and comfortably exceeded the average analyst estimate of just over $182 million.
On the bottom line it flipped to a non- GAAP (adjusted) net profit of $58,000 ($0.00 per share), versus the more than $45 million loss it posted in the same quarter a year ago. Prognosticators had been modeling a $0.06 per-share deficit.
For further details see:
Why Confluent Stock Crushed the Market Today