BASE - Why Couchbase Stock Rocked the Market on Wednesday
2024-03-06 19:04:00 ET
Cloud database specialist Couchbase (NASDAQ: BASE) enjoyed a nice jump in share price on Wednesday following the release of its latest set of quarterly and annual financial results for fiscal 2024. Investors rewarded the company for its better-than-expected quarter by pushing the stock's price up by 4%. That was a far higher rise than the 0.5% advance of the S&P 500 index.
In said quarter, Couchbase took in revenue of slightly over $50 million. That was 20% higher than in the same period of 2022 and almost entirely comprised of subscription revenue. On the bottom line, the company narrowed its non- GAAP (adjusted) net loss considerably. This amounted to a bit more than $2.9 million ($0.06 per share), against the more than $8 million deficit in the year-ago quarter.
Both headline figures well exceeded the average analyst estimate -- hence, the positive reaction from the market. The consensus for revenue was just under $45.6 million and adjusted net loss of $0.14 per share.
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Why Couchbase Stock Rocked the Market on Wednesday