Couchbase stock drops 12% on FY Q4 beat, year view below expectations
Database pioneer Couchbase this afternoon reported fiscal Q4 revenue that topped Wall Street's expectations, a smaller-than-expected net loss per share, an outlook for this quarter's revenue in line with consensus, and a forecast for the full year's revenue below consensus.
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The report sent Couchbase shares down 12% in late trading.
CEO Matt Cain remarked that the company "finished [its] first fiscal year as a public company with strong momentum including ARR of $132.9 million, representing 23% growth, as well as record net new ARR of $10.6 million, which was up 65% year over year."
Cain added, "Looking ahead to fiscal 2023, we are excited about the opportunity to increase our momentum through our Capella database as a service offering and expanded go-to-market efforts.
"Modernization of applications remains a top priority for enterprises as they invest in digital transformation initiatives, and Couchbase continues to be thoughtfully architected to meet the market demand for this ongoing trend."
Also: Couchbase narrowly beats Q3 estimates, reports revenue of $30.8 million
Revenue in the three months ended in January rose to $35.1 million, yielding a net loss of 22 cents a share, excluding some costs. Analysts had been modeling $34 million and a 26-cent net loss per share.
Remaining performance obligations, or RPO, rose 58% to $161.6 million.
For the current quarter, the company sees revenue of $32.5 million to $32.7 million compared to consensus for $32.6 million. For the full year, the company sees revenue in a range of $146.5 million to $147.5 million compared to consensus of $151.4 million.