Okta Inc. (OKTA)

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Okta (OKTA) beats Q1, but stock plunges 13% on macro concerns
By: Investing.com | May 31, 2023

Okta (NASDAQ:OKTA) shares dropped more than 13% after-hours following the company’s reported Q1 results. While EPS of $0.22 and revenue of $518 million (up 25% year-over-year) came in better than the consensus estimates of $0.12 and $511.02M, respectively, the negative stock reaction was likely due to increasing macro pressures.

Subscription revenue grew 26% year-over-year to $503M. RPO, or subscription backlog, grew 9% year-over-year to $2.94 billion. Meanwhile, cRPO, which is a subscription backlog expected to be recognized over the next 12 months, was $1.70B, representing a 20% year-over-year growth.

For Q2/24, the company expects EPS in the range of $0.21-$0.22, compared to the consensus of $0.17, and revenue in the range of $533-$535M, compared to the consensus of $527.87M.

For the full year, the company expects EPS of $0.88-$0.93, compared to the consensus of $0.78, and revenue of $2.175-$2.185B, compared to the consensus of $2.17B.

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