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Why Confluent Stock Is Soaring Today

TheMotleyFool

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Why Confluent Stock Is Soaring Today: https://g.foolcdn.com/editorial/images/776557/rocket-growing-graph-pink.jpg

Chalk up another quarterly earnings win for the technology sector. This one comes courtesy of Confluent (NASDAQ: CFLT). The cloud computing and data-optimization outfit handily topped its sales and earnings expectations for fiscal Q1, sending shares up to the tune of 8.8% as Wednesday's closing bell approaches.

Confluent did $217 million worth of business during the three-month stretch ending in March, up 25% year over year, and beating estimates of $211.7 million. The company also swung from an adjusted per-share loss of $0.09 in the first quarter of last year to a profit of $0.05 per share this time around, topping analysts' consensus forecast of only $0.02. These results extend a lengthening, steady streak of improvement.