Confluent shares surge 19% after upbeat 2024 outlook

By Ben Glickman

Shares of Confluent (CFLT) rose late Wednesday after the data-streaming company forecast more than 20% revenue growth in 2024 and its first breakeven year based on certain metrics.

The stock was up 20%, to $29.12, in after-hours trading, following a 3.4% rise at Wednesday's close. Shares are up 3.8% since the start of the year.

Confluent said it expects revenue to grow more than 22%, to about $950 million, in 2024, ahead of analysts' expectations.

Finance Chief Rohan Sivaram said the company is confident in achieving its 2024 revenue guidance and expects its first breakeven year in terms of adjusted operating margin and free cash flow margin.

After removing certain one-time items and expenses, the company expects to post a 2024 profit of 17 cents a share, in line with analysts' estimates.

Confluent's revenue rose 26%, to $213 million, in the fourth quarter, beating analysts' estimates, while subscription revenue was up 31%.

The company's loss narrowed compared to a year ago but came in wider than analysts expected.

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

02-07-24 1812ET

Copyright (c) 2024 Dow Jones & Company, Inc.