Shares of software company Couchbase (NASDAQ: BASE) tanked in pre-market trading at the time of publishing on Wednesday after the company reported an adjusted loss in Q1 of $0.27 per share as compared to a loss of $0.32 per share in the same period last year while analysts were expecting a loss of $0.21 per share.
In the first quarter, Couchbase posted total revenues of $41 million, up by 18% year-over-year but falling short of consensus estimates of $43.34 million.
Looking forward, the management now expects Couchbase to post revenues in the range of $41.2 to $41.8 million in Q2 while adjusted operating loss is expected to be between $10.9 million and $10.1 million. In FY24, the company has projected revenues between $171.7 million and $174.7 million while adjusted operating loss is likely to be in the range of $43 million to $39 million.
Analysts remain bullish about BASE stock with a Strong Buy consensus rating based on six Buys and two Holds.
