Yahoo Finance Earnings To Watch: Confluent (CFLT) Reports Q2 Results Tomorrow
Data infrastructure software company, Confluent (NASDAQ:CFLT) will be announcing earnings results tomorrow after market hours. Here's what to expect.
Confluent beat analysts' revenue expectations by 2.5% last quarter, reporting revenues of $217.2 million, up 24.6% year on year. It was a mixed quarter for the company, with full-year revenue guidance topping analysts' expectations but decelerating growth in large customers. It added 31 enterprise customers paying more than $100,000 annually to reach a total of 1,260.
Is Confluent a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting Confluent's revenue to grow 21.6% year on year to $230.2 million, slowing from the 35.8% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.05 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Confluent has a history of exceeding Wall Street's expectations, beating revenue estimates every single time over the past two years by 3.7% on average.
With Confluent being the first among its peers to report earnings this season, we don't have anywhere else to look to get a hint at how this quarter will unravel for data and analytics software stocks. However, there has been positive investor sentiment in the segment, with share prices up 2.6% on average over the last month. Confluent is down 14.1% during the same time and is heading into earnings with an average analyst price target of $34.9 (compared to the current share price of $24.5).
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