Confluent, Inc.: Initiation of Coverage –  Shift Towards Consumption Profile 

Confluent Inc.’s Q1 2024 performance indicates a robust start for the fiscal year, surpassing all guided metrics with a total revenue growth of 25% to $217 Million, a testament to the successful execution of the firm’s strategies, especially amidst a somewhat unpredictable macro-environment. Noteworthy in these earnings is the impressive growth of Confluent Cloud, now accounting for over half of the company’s subscription revenue and emerging as the fastest-growing offering with a 45% increase to $107 Million.