Confluent, Inc. (CFLT), a leading data infrastructure software company, reported stellar third-quarter 2024 results, surpassing a $1 billion revenue run rate just 10 years after its inception. The company's impressive performance was driven by robust demand for its data streaming platform, which helps businesses process and analyze real-time data streams.

For the quarter ended September 2024, Confluent posted revenue of $250.2 million, a 25% year-over-year increase, beating analysts' expectations. The company's adjusted earnings per share (EPS) of $0.10 also surpassed the consensus estimate of $0.05, marking a 100% beat.

Confluent's cloud business, Confluent Cloud, continued to be the growth engine, with revenue surging 42% year-over-year to $129.8 million, now accounting for 54% of the company's total subscription revenue. The company's traditional on-premises offering, Confluent Platform, also witnessed steady growth, with revenue increasing 13% to $110.1 million.

The company's strong financial performance was accompanied by robust operational metrics, including record gross margins and expanding profitability. Confluent achieved a non-GAAP operating margin of 6.3% and a free cash flow margin of 3.7%, reflecting its commitment to driving efficient growth.