Q2 Earnings Recap: Couchbase (NASDAQ:BASE) Tops Data Storage Stocks
Kayode Omotosho 2022/10/17 5:20 am EDT
As we reflect back on the just completed Q2 data storage sector earnings season, we dig into the relative performance of Couchbase (NASDAQ:BASE) and its peers.
Data is the lifeblood of the internet and software in general, and the amount of data created is growing at an accelerating pace. Likewise, the importance of storing the data in scalable and efficient formats continues to rise, especially as the diversity of the data and associated use cases expand from analyzing simple, structured data to high-scale processing of unstructured data, images, audio and video.
The 5 data storage stocks we track reported a decent Q2; on average, revenues beat analyst consensus estimates by 5.17%, while on average next quarter revenue guidance was 0.63% above consensus. Investors abandoned cash burning companies since high interest rates will make it harder to raise capital and data storage stocks have not been spared, with share prices down 22.7% since the previous earnings results, on average.
Best Q2: Couchbase (NASDAQ:BASE)
Formed in 2011 with the merger of Membase and CouchOne, Couchbase (NASDAQ:BASE) is a database as a service platform that allows enterprises to store large volumes of semi-structured data.
Couchbase reported revenues of $39.7 million, up 33.9% year on year, beating analyst expectations by 10.9%. It was a strong quarter for the company, with an impressive beat of analyst estimates and a solid top line growth.
"I'm pleased to report that we delivered results above the high end of guidance, including another quarter of 30% constant currency ARR growth," said Matt Cain, President and CEO of Couchbase.
Couchbase scored the strongest analyst estimates beat and highest full year guidance raise of the whole group. The stock is down 21.5% since the results and currently trades at $11.66.
Is now the time to buy Couchbase? Access our full analysis of the earnings results here, it's free.
Snowflake (NYSE:SNOW)
Founded in 2013 by three French engineers who spent decades working for Oracle, Snowflake (NYSE:SNOW) provides a data warehouse-as-a-service in the cloud that allows companies to store large amounts of data and analyze it in real time.
Snowflake reported revenues of $497.2 million, up 82.6% year on year, beating analyst expectations by 6.4%. It was a strong quarter for the company, with exceptional revenue growth and a solid beat of analyst estimates.
Snowflake pulled off the fastest revenue growth among its peers. The company added 40 enterprise customers paying more than $1m annually to a total of 246. The stock is down 3.28% since the results and currently trades at $154.52.
Is now the time to buy Snowflake? Access our full analysis of the earnings results here, it's free.
Weakest Q2: DigitalOcean (NYSE:DOCN)
Started by brothers Ben and Moisey Uretsky, DigitalOcean (NYSE: DOCN) provides a simple, low-cost platform that allows developers and small and medium sized businesses to host applications and data in the cloud.
DigitalOcean reported revenues of $133.8 million, up 28.9% year on year, missing analyst expectations by 0.44%. It was a slower quarter for the company, with a decline in net revenue retention rate and a miss of the top line analyst estimates.
DigitalOcean had the weakest performance against analyst estimates and weakest full year guidance update in the group. The stock is down 30.4% since the results and currently trades at $33.29.
Read our full analysis of DigitalOcean's results here.
Commvault Systems (NASDAQ:CVLT)
Originally formed in 1988 as part of Bell Labs, Commvault (NASDAQ: CVLT) provides enterprise software used for data backup and recovery, cloud and infrastructure management, retention and compliance.
Commvault Systems reported revenues of $197.9 million, up 7.93% year on year, beating analyst expectations by 1.41%. It was a slower quarter for the company, with a slow revenue growth.
Commvault Systems had the slowest revenue growth among the peers. The company lost 42 enterprise customers paying more than $100,000 annually and ended up with a total of 184. The stock is down 11.4% since the results and currently trades at $54.34.
Read our full, actionable report on Commvault Systems here, it's free.
MongoDB (NASDAQ:MDB)
Started in 2007 by the team behind Google’s ad platform DoubleClick, MongoDB offers database-as-a-service that helps companies store large volumes of semi-structured data.
MongoDB reported revenues of $303.6 million, up 52.7% year on year, beating analyst expectations by 7.56%. It was a solid quarter for the company, with an exceptional revenue growth.
The company added 83 enterprise customers paying more than $100,000 annually to a total of 1,462. The stock is down 47% since the results and currently trades at $171.00.
Read our full, actionable report on MongoDB here, it's free.
The author has no position in any of the stocks mentioned