Why Confluent Stock Is Falling Hard Today
Shares of Confluent (NASDAQ: CFLT), a data streaming company, were tumbling today after it reported its fourth-quarter results. While the company beat analysts' consensus estimates for both revenue and earnings, investors might be reacting to Deutsche Bank analyst Patrick Colville cutting his price target for Confluent's shares.
The tech stock was down by 20.2% as of 11:17 a.m. ET on Friday.
Confluent's non-GAAP loss per share of $0.19 in the fourth quarter was better than analysts' consensus estimate of a loss of $0.21. The company's revenue of $120 million also outpaced Wall Street's expectation of $109.8 million.
Source Fool.com
