Confluent Inc. · Q1 2023 earnings

Briefing

Confluent reported a strong first quarter, exceeding guided metrics with significant growth in Confluent Cloud revenue and demonstrating the power of their consumption-oriented land and expand strategy.

Confluent announced strong Q1 2023 financial results, with total revenue of $174 million, up 38% year-over-year, and Confluent Cloud revenue of $74 million, up 89% year-over-year. The company beat all guided metrics and demonstrated efficient growth and margin performance.

• Total revenue reached $174 million, a 38% increase year-over-year.
• Confluent Cloud revenue grew by 89% year-over-year, reaching $74 million.
• Customers with $100,000 or greater in ARR increased by 34% year-over-year, totaling 1,075 customers.
• Remaining performance obligations totaled $743 million, up 35% year-over-year.

Headline financials

Revenue & EPS history

For the second quarter of 2023, Confluent expects total revenue of $181-$183 million and a non-GAAP operating margin of approximately -16%. For the full fiscal year 2023, the company anticipates total revenue of $760-$765 million and a non-GAAP operating margin between -14% and -13%.