Confluent Inc. · Q1 2024 earnings

Briefing

Confluent's first quarter 2024 results demonstrated strong growth in Confluent Cloud and subscription revenue, indicating successful consumption transformation.

Confluent reported a strong start to fiscal year 2024, with total revenue of $217 million, a 25% year-over-year increase. Confluent Cloud revenue grew by 45% year-over-year, accounting for the majority of subscription revenue. The company also saw an increase in customers with $100,000 or greater in ARR, up 17% year-over-year.

• Total revenue reached $217 million, representing a 25% increase year-over-year.
• Subscription revenue grew to $207 million, a 29% increase year-over-year.
• Confluent Cloud revenue increased by 45% year-over-year, reaching $107 million.
• Customers with $100,000 or greater in ARR increased by 17% year-over-year, totaling 1,260 customers.

Headline financials

Revenue & EPS history

For the second quarter of 2024, Confluent expects total revenue between $229 million and $230 million, subscription revenue between $217 million to $218 million, a non-GAAP operating margin of approximately negative 1%, and non-GAAP net income per diluted share between $0.04 to $0.05. For fiscal year 2024, Confluent expects total revenue of approximately $957 million, subscription revenue of approximately $910 million, a non-GAAP operating margin of approximately 0%, and non-GAAP net income per diluted share between $0.19 to $0.20.