Software company Confluent increased revenue in the second quarter

Last week, software developer Confluent Inc. (CFLT) presented the second quarter’s results, which were higher than Wall Street forecasts has supported the company’s stock prices, but they are still far from their highs. Confluent’s second-quarter sales grew 58% year-on-year to $139 million. The non-GAAP loss was $0.16 per share, almost half as much as it was a year earlier. Revenue from cloud computing grew by nearly 140% year-on-year to $47 million, and the number of large customers increased to 857, that is, by almost 40% year-on-year. 

According to the new forecast of Confluent management, in the third quarter, revenue will be between $143 million to $145 million. The loss in the third quarter will be $0.18 per share, which will be slightly higher than the company’s loss of $0.17 per share in the same quarter a year earlier. Confluent offers a set of solutions for working with various types of data, including the ability to read, write, store, verify, protect and process continuous streams of information. The company’s software generally integrates disparate data warehouses, allowing customers to respond to changes in their data in real-time. 

Can install Confluent software products for enterprises of various sizes locally and in private cloud environments. In addition, the company offers Confluent Cloud platform services, which are compatible with major cloud providers, including AWS and Microsoft Azure. Confluent is the beneficiary of digital transformation in business; at the same time, the shares of technology companies remain volatile. The firm went public at the end of last year, and after reaching its all-time high in November and December, the stock is presently trading around 66% below its 52-week high.