Okta Inc. (OKTA)

[DiscoverGold]

Okta stock jumps 10% on Q2 beat & better-than-expected guidance
By: Investing.com | August 30, 2023

Okta (NASDAQ:OKTA) shares surged more than 10% after-hours following the company's reported Q2 results, with EPS of $0.31 coming in better than the consensus estimate of $0.22. Revenue grew 23% year-over-year to $556 million, beating the consensus estimate of $534.67M.

Subscription revenue was $542M, representing an increase of 24% year-over-year. RPO, or subscription backlog, grew 8% year-over-year to $3.03 billion. cRPO, which is subscription backlog expected to be recognized over the next 12 months, increased 18% year-over-year to $1.77B.

“Our focus on execution and efficiency has delivered solid top-line results with significant improvements to operating profit and cash flow year-over-year,” said CEO Todd McKinnon.

For Q3/24, the company expects revenue in the range of $558-$560M, representing a growth rate of 16% year-over-year. EPS is seen at $0.29-$0.30.

For the full year, the company expects EPS of $1.17-$1.20, compared to the consensus of $0.91, and revenue of $2.21-$2.22B, compared to the consensus of $2.18B.

Read Full Story »»»

DiscoverGold