Here's Why Couchbase Stock Was Crushing the Market Today
Shares of enterprise database software company Couchbase (NASDAQ: BASE) soared on Thursday even as the broader market was in a sell-off. The company just reported financial results for the first quarter of its fiscal 2023, which ended April 30, beating its previous guidance and raising expectations for the remainder of the year. As of 11:20 a.m. ET, Couchbase stock was up almost 15%.
Couchbase's management had previously guided for Q1 revenue of $32.7 million at best and annual recurring revenue (ARR) of $138 million on the high end. Actual results surpassed this. In Q1, Couchbase generated revenue of $34.9 million, up 25% year over year. And ARR is now at $139.7 million, an increase of 27% from the same quarter last year.
There are multiple highlights from Couchbase's Q1 results. However, perhaps the most exciting is its remaining performance obligations (RPO). RPO represents business the company has already won but has yet to recognize as revenue. Couchbase's RPO as of Q1 is $169 million, up a whopping 68% year over year. This backlog suggests its business prospects remain strong.
Source Fool.com
