Why Confluent Stock Was Rising High This Week
The stock of enterprise data processing and analysis specialist Confluent (NASDAQ: CFLT) was riding high this week. According to data compiled by S&P Global Market Intelligence, its share price was up by slightly more than 15% week to date on Friday before market open. Investors were clearly impressed by the company's latest set of quarterly results.
The fourth quarter of 2022 saw Confluent earn revenue of $169 million, which was a sturdy 41% higher year over year. Another improvement was recorded on the bottom line, where the company posted a non-GAAP (adjusted) net loss of $36.3 million, or $0.09 per share. In the same quarter of the previous year, that deficit was much steeper, at almost $50 million.
Both results were notably better than analyst expectations. On average, prognosticators tracking Confluent stock were anticipating a bit over $164 million in revenue for the quarter, and an adjusted net loss of $0.14 per share.
Source Fool.com
