Why Confluent Stock Is Skyrocketing Today

Shares of Confluent (NASDAQ: CFLT) are seeing explosive gains in Wednesday's trading. The data streaming specialist's share price was up 20% as of 11:45 a.m. ET today. Meanwhile, the S 500 index was down 0.7%, and the Nasdaq Composite index was down 0.4%.

Confluent published its fourth-quarter results after the market closed yesterday and reported sales and earnings for the period that beat Wall Street's expectations. The company also announced some new partnerships that appear to have investors excited.

Confluent posted adjusted earnings per share (EPS) of $0.09 on sales of $261.2 million in the fourth quarter, beating the average analyst estimate's call for per-share earnings of $0.06 on sales of $256.9 million. Revenue in the period was up 22.5% year over year, and EPS came in at the same level as last year's quarter.

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Source Fool.com