Mon Sep 16 15:12:25 UTC 2024: ## Confluent Promotes Kong Phan to Chief Accounting Officer Amid Strong Q2 Earnings

**San Francisco, CA** – Confluent, Inc. (NASDAQ: CFLT), a leading provider of data streaming solutions, has announced the appointment of Kong Phan as its new Chief Accounting Officer, effective immediately. Phan, who previously served as the company’s Corporate Controller since 2017, succeeds Rohan Sivaram, who retains his position as Chief Financial Officer.

Phan brings over 20 years of accounting experience to the role, having held various positions at prominent companies including Polyvore Inc., Electronic Arts, Gap Inc., and Ernst and Young. He is a Certified Public Accountant in California and holds a B.S. from Sonoma State University.

Confluent’s Board of Directors has approved a promotion letter agreement for Phan, which includes an annual base salary of $350,000, an annual target bonus of 50% of his base salary, and a grant of restricted stock units valued at $1,340,000.

This announcement comes on the heels of Confluent’s strong second-quarter earnings, which surpassed expectations. The company reported a 27% increase in subscription revenue to $225 million and a 40% rise in Confluent Cloud revenue to $117 million, adding 320 new customers. However, the company’s net revenue retention (NRR) of 118% fell slightly short of its target range.

Despite this, Confluent remains optimistic about its future growth, projecting Q3 subscription revenue between $233 million and $234 million and full-year 2024 subscription revenue to reach approximately $910 million.

Analysts have offered mixed opinions on Confluent’s performance. While Baird initiated coverage on Confluent shares with a Neutral rating, citing the company’s strong position in the managed data streaming service market and potential for growth, concerns were raised about industry competition. Citi also maintained a Neutral rating but reduced Confluent’s price target to $24, citing concerns for the fourth quarter and the full year. Conversely, TD Cowen retained a Buy rating for the company, lowering the price target from $34 to $31, attributing the strong subscription revenue growth to Confluent’s new go-to-market strategies.

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