Shares of Couchbase (NASDAQ: BASE) are sinking in Wednesday's trading. The database software company's stock was down roughly 23% as of 2 p.m. ET, according to data from S&P Global Market Intelligence.

Couchbase's first-quarter results topped the market's expectations on both the top and bottom lines. The company managed to post non-GAAP (adjusted) earnings per share of $0.27 on revenue of $41 million. Meanwhile, the average analyst estimate had called for a per-share loss of $0.32 on revenue of $39.8 million. 

Couchbase's subscription revenue rose 21% year over year in the first quarter to reach $38.5 million. This performance helped push overall revenue 18% year over year in the period, and annual recurring revenue (ARR) at the end of the term stood at $172.2 million. The company posted an adjusted gross margin of 86.4% in the period, down from 87.3% in the prior-year period, and its loss from operations expanded to $22.5 million from $19 million in the prior-year quarter. 

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Source Fool.com