NoSQL proponent Couchbase’s stock plunges as Q2 profit misses

Couchbase, the twelve-year-old maker of enterprise application database software, this afternoon reported Q2 revenue that topped Wall Street’s expectations, but missed by a wide margin, with its net loss, and offered an outlook for revenue that was slightly higher than expected. 

This is the first public quarterly report since Couchbase, based in Santa Clara, California, went public on Nasdaq June 22nd, raising proceeds of $214 million. 

The report sent Couchbase shares down 14% in late trading. 

Couchbase is a proponent of the “NoSQL” movement in database systems, standing for “Not only SQL.”

CEO and founder Matt Cain called the quarter “strong,” adding that the company “continued to gain momentum.”

Added Cain, “With the introduction of our latest innovation in Couchbase Server 7, we have fused the strengths of relational with the flexibility of a modern database allowing customers to re-platform and modernize applications from legacy solutions while building new ones. 

“Enterprises are increasingly relying on Couchbase to power their most mission critical applications, and we are driving a new paradigm in the database market.”

Revenue in the three months ended in June rose 18%, year over year, to $29.7 million, yielding a net loss of $1.54 a share.

Analysts had been modeling $28.1 million and a net loss of $1.08 per share.

Couchbase said its annual recurring revenue, or “ARR,” rose by 20%, year over year, to $115.2 million. 

For the current quarter, the company sees revenue of $29.3 million to $29.5 million. That compares to consensus for $29.1 million.

The company projects ARR of $117.9 million to $118.1 million.

For the full year, the company sees revenue in a range of $120.8 million to $121.2 million. That compares to consensus of $118.8 million.

The company expects full-year ARR of $127.4 million to $127.6 million. 

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