Confluent reported strong financial results for Q3 2024, with total revenue increasing 25% year-over-year to $250.2 million. Subscription revenue grew 27% to $239.9 million, driven by Confluent Cloud revenue which represented 52% of subscription revenue, up from 46% in Q3 2023. The company added customers rapidly, reaching approximately 5,680 total customers, up 16% year-over-year, with 1,346 customers generating over $100,000 in annual recurring revenue.The company continued to demonstrate operational efficiency while investing in growth initiatives. Operating loss improved to $93.7 million compared to $108.6 million in Q3 2023, while maintaining a healthy gross margin of 75%. Cash, cash equivalents and marketable securities remained strong at $1.86 billion as of September 30, 2024. The company also completed the strategic acquisition of WarpStream to enhance its cloud-native streaming capabilities.Looking ahead, Confluent is focusing on expanding its consumption...Show More

Confluent reported strong financial results for Q3 2024, with total revenue increasing 25% year-over-year to $250.2 million. Subscription revenue grew 27% to $239.9 million, driven by Confluent Cloud revenue which represented 52% of subscription revenue, up from 46% in Q3 2023. The company added customers rapidly, reaching approximately 5,680 total customers, up 16% year-over-year, with 1,346 customers generating over $100,000 in annual recurring revenue.The company continued to demonstrate operational efficiency while investing in growth initiatives. Operating loss improved to $93.7 million compared to $108.6 million in Q3 2023, while maintaining a healthy gross margin of 75%. Cash, cash equivalents and marketable securities remained strong at $1.86 billion as of September 30, 2024. The company also completed the strategic acquisition of WarpStream to enhance its cloud-native streaming capabilities.Looking ahead, Confluent is focusing on expanding its consumption-oriented sales model for Confluent Cloud while driving operational efficiency. The company's dollar-based net retention rate remained healthy at 117%, though management noted some consumption volatility from larger enterprise customers due to continued focus on cloud cost optimization. Confluent expects to maintain strong growth through expanded platform capabilities and increased customer adoption of data streaming use cases.