Couchbase, Inc. (NASDAQ: BASE), a database technology provider, released a positive report for the first quarter of fiscal 2023. The company reports double-digit growth in revenue and s expects further revenue growth. and cloud computing.
For the quarter ended April 30, Couchbase, Inc. (BASE) grew 25% year-over-year to $34.9 million, with subscription sales up 21% to 32 USD and a 27% increase in recurring revenue. Operating loss increased to $19 million. Cash flow from operations increased to $8.6 million from $3.2 million a year earlier.
Couchbase, Inc. (BASE) has added a new DBaaS (database subscription) service to Google Cloud, capitalizing on the trend of organizations moving to multi-cloud computing. Couchbase says its solution, called Capella, is one of the most cost-effective solutions on the market.
The new version of Capella DBaaS includes tools to deploy mobile applications and IoT services. This simplifies application deployment and data synchronization between the cloud and connected devices.
Couchbase, Inc. (BASE) also announced a new server with increased capacity, performance, and workload diversity.
Last quarter, Couchbase, Inc. (BASE) received a new patent that describes an innovative approach to simplifying document-oriented database queries. This is the second patent related to database optimization technologies.
Despite competition from big players like MongoDB, Couchbase expects sales to continue growing due to some of the technological advantages of their solutions. For fiscal 2023, Couchbase, Inc. (BASE) forecasts revenue of $147.2 to $148.2 million and a non-GAAP operating loss of $55.2 to $54.2 million of dollars.
A recent spot check on the stock’s support and resistance revealed that the publicly-traded Couchbase Inc. (NASDAQ: BASE) shares are trading at a price close to -16.30% lower than its 90-day high. On the other hand, the stock is +34.93% away from its low in the 90-day period. More broadly, BASE’s current price is -69.84% away from its 52-week high. The price is 34.93% above its 52-week low.