Confluent Expects Over 20% Revenue Growth in 2024

Shares of Confluent experienced a surge in after-hours trading on Wednesday, following the company’s announcement of its revenue growth forecast for 2024. Confluent, a leading data-streaming company, expects its revenue to increase by more than 22% to approximately $950 million, surpassing analysts’ expectations. This positive outlook has prompted a 20% increase in the company’s stock value, reaching $29.12.

Confidence in Achieving 2024 Revenue Guidance

Confluent’s CFO, Rohan Sivaram, expressed confidence in meeting the revenue guidance for 2024. Additionally, the company anticipates achieving its first breakeven year in terms of adjusted operating margin and free cash flow margin. By excluding one-time items and expenses, Confluent expects to achieve a profit of 17 cents per share in 2024, aligning with analysts’ estimates.

Strong Q4 Performance

In the fourth quarter, Confluent demonstrated robust financial performance, with revenue reaching $213 million—a significant 26% increase. This surpassed analysts’ estimates, while subscription revenue experienced an impressive growth rate of 31%. However, though the company’s loss narrowed compared to the previous year, it still exceeded analysts’ expectations.

Confluent’s positive revenue forecast for 2024 and its strong performance in Q4 have instilled optimism among investors and industry analysts.

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