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Okta Tops Estimates on Revenue Beat

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DiscoverGold Member Level  Friday, 03/06/20 04:23:17 PM
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Okta Tops Estimates on Revenue Beat
By: TheStreet | March 6, 2020

• Cloud computing company Okta offers upbeat comments on fourth-quarter results.

Okta, Inc. (OKTA) topped analyst estimates with its latest quarterly results, released after the bell on Thursday.

The company posted a non-GAAP net loss per share of 1 cent, vs a loss of 4 cents a share a year ago.

Revenue rose to $167 million, vs. $115.5 million a year earlier.

Analysts had been expecting the company to post a loss of 5 cents a share, on sales of $156.6 million, based on a FactSet survey of 18 analysts.

For the upcoming quarter, the company forecast revenue of $171 million to $173 million and a non-GAAP net loss per share of 24 cents to 23 cents.

For the full year fiscal 2021, Okta expects total revenue of $770 million to $780 million and a non-GAAP net loss per share of 42 cents to 37 cents.

Shares of Okta rose $4, or 3.1%, to $133.05 in after-hours action.

“We’re still in the early days of a massive addressable market to modernize identity for the workforce and customers and we are in the leading position to capitalize on the opportunity for many years to come,” Todd McKinnon, chief executive officer and co-founder of Okta, said in a statement.

Elsewhere, cloud stocks fell Thursday amid broad declines in U.S. markets.

Among notable small- and medium-cap stocks in the cloud sector, three rose while 16 fell.

Twilio (TWLO) shares rose $1.11, or 1.06%, to $105.99.

Splunk (SPLK) shares fell $14.15, or 9.11%, to $141.25.

The Global X Cloud Computing ETF (CLOU) fell 36 cents, or 2.15%, to $16.38.

The First Trust Cloud Computing ETF (SKYY) fell $1.31, or 2.14%, to $59.81.

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