Okta Boosts FY24 Outlook As Q3 Results Top Estimates

(RTTNews) - Independent identity partner Okta, Inc. (OKTA) reported Wednesday a net loss for the third quarter of $81 million or $0.49 per share, sharply narrower than $209 million or $1.32 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $79 million or $0.44 per share, compared to Nil in the year-ago quarter.

Total revenue for the quarter increased 21 percent to $584 million from $481 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.30 per share on revenues of $563.14 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the fourth quarter, the company expects adjusted earnings in a range of $0.50 to $0.51 per share on total revenue between $585 million and $587 million. Analysts expect earnings of $0.35 per share on revenues of $580.27 million for the quarter.

For fiscal 2024, the Company now projects adjusted earnings in a range of $1.47 to $1.48 per share on total revenue between $2.243 billion and $2.245 billion. Previously, the company expected earnings in the range of $1.17 to $1.20 per share on total revenue between $2.207 billion and $2.215 billion.

The Street is looking for earnings of $1.18 per share on revenues of $2.21 billion for the year.

Preliminary outlook for fiscal 2025 is for total revenue between $2.460 billion and $2.470 billion. Analysts currently expect revenues of $2.56 billion for the year.

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