HomeTop MoversHere is why Confluent Inc. (CFLT) stock rallied in the after-hours on...

Here is why Confluent Inc. (CFLT) stock rallied in the after-hours on Thursday?

Confluent Inc. (CFLT) shares surged 16.98% in after-hours on Thursday, November 04, 2021, and closed the daily trading at $86.10. However, in the regular trading session, CFLT’s stock lost 3.85%. The stock volume remained at 1.41 million shares. CFLT shares have moved up by 9.59% in the past week. Over the past three months, the stock has gained 65.88%. The company has a current market of $18.94 billion and its outstanding shares stood at 232.30 million.

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CFLT latest press release

On November 04, 2021, Confluent, Inc. (CFLT), released financial results for its third quarter of 2021, which ended September 30, 2021.


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Q3 2021 financial highlights

  • CFLT reported total revenue of $102.6 million in Q3 2021 compared to $61.5 million in Q3 2020.
  • The total cost of revenue was $37.3 million in Q3 2021 compared to $19.05 million in Q3 2020.
  • Total operating expenses were $160.02 million in Q3 2021 compared to $182.44 million in Q3 2020.
  • It suffered a net loss of $95.6 million in Q3 2021 compared to a net loss of $138.14 million in Q3 2020.
  • Net loss per basic and diluted share was $0.37 compared to $1.34 in Q3 2020.

CFLT first governance suite

On September 14, 2021, Confluent, Inc. (CFLT), unveiled the industry’s first governance suite for streaming data. Stream Governance delivers a simple, self-service experience to discover, understand, and trust the real-time data that flows throughout modern businesses which are offered as a fully managed cloud solution.

The new suite will provide organizations with a safe way to expand the use of data in motion and create a central nervous system that ties together disparate applications and systems.

CFLT participation in the recent investor conferences

Confluent, Inc. (CFLT) management recently participated at the Piper Sandler Global Technology Virtual Conference, which was held on September 14, 2021, and at Citi Global Technology Virtual Conference, which was held on September 13, 2021.

CFLT Q2 2021 financial results

  • For Q2 2021, CFLT reported total revenue of $88.34 million compared to $53.85 million in Q2 2020.
  • The total cost of revenue was $30.0 million in Q2 2021 compared to $17.7 million in Q2 2020.
  • The total operating expenses were $144.4 million in Q2 2021 compared to $63.65 million in Q2 2020.
  • It suffered a net loss of $88.17 million in Q2 2021 compared to a net loss of $26.3 million in Q2 2020.

    >> 7 Top Picks for the Post-Pandemic Economy << 

Conclusion

The stock turnaround after the company posted its improved financial results for the last quarter and we expect it to perform well on the last trading day of the week as well.

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