This afternoon, enterprise application database software company Couchbase reported Q3 revenue that narrowly topped Wall Street's expectations. 

Revenue in Q3 rose 20% year over year to$30.8 million, yielding a net loss of 29 cents per share. Analysts had been modeling$29.42 million and a net loss of 36 cents per share.

Couchbase said its annual recurring revenue rose by 21% year over year to$122.3 million, which sent its shares down 5% in late trading.

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See also: Couchbase releases v7.0 in wake of successful IPO.

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CEO and founder Matt Cain called the quarter "strong," adding that the company's performance was driven by "some significant expansions" as well as the acceleration of their cloud business. 

"We continue to see demand for our modern database as digital transformation remains a priority across industries, and are excited about the market opportunity for Capella, which makes it faster and easier to consume Couchbase in the cloud," Cain said.

The company expects revenue between$33.9 million and$34.1 million for the current quarter. The company projects ARR between$129 million and$130 million.

The company sees revenue between$122.4 million and$122.6 million for the full year. The company expects a full-year ARR between$129 million and$130 million. 

This is the second public quarterly report since Couchbase went public on Nasdaq on June 22, raising proceeds of$214 million. 

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