Couchbase, Inc. (NASDAQ:BASE) shares were trading more than 15% lower Thursday afternoon following Q4 results, with EPS of ($0.22) coming in better than the Street estimate, while the 2023 outlook was worse than expected.

The company expects full 2023-year revenue in the range of $146.5-147.5 million, compared to the consensus estimate of $151.5 million. The analysts at Oppenheimer said that 2023 revenue guidance was conservative and highlighted multiple factors negatively impacting the top line, including (1) recovery in COVID-19 impacted verticals (15% of revenue) taking longer than expected, (2) conservatism from deal timing/visibility, and (3) headwind from Capella DBaaS revenue recognition timing (vs. licenses).