SANTA CLARA, Calif. - Couchbase, Inc. (NASDAQ:BASE) reported better-than-expected third quarter results but saw its shares plunge 11.6% in after-hours trading Tuesday as the company's fourth quarter revenue guidance fell short of analyst estimates.
The developer data platform provider posted a non-GAAP loss of $0.05 per share for the third quarter, beating the consensus estimate of a $0.08 loss. Revenue grew 13% year-over-year to $51.6 million, also topping expectations of $50.77 million.
However, Couchbase's fourth quarter revenue guidance of $52.7-53.5 million came in below Wall Street's forecast of $54 million, disappointing investors.
"I'm pleased with the continued operational progress of the entire Couchbase team," said Matt Cain, Chair, President and CEO of Couchbase. "We delivered top- and bottom-line results that exceeded our outlook, and we achieved another significant milestone with Capella, which now represents 15.1% of our ARR and one third of our customer base."
For the third quarter, subscription revenue increased 12% to $49.3 million. Annual recurring revenue (ARR) grew 17% year-over-year to $220.3 million.
The company reported a non-GAAP operating loss of $3.5 million, compared to a $5.0 million loss in the same quarter last year.
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