Okta Gains 15% In Pre-market On Increased Outlook, Better Than Street View

(RTTNews) - Shares of identity solutions provider Okta, Inc. (OKTA) are up more than 15% in pre-market on Friday after the company raised its full-year outlook, that is better than the Street view.

For the full year, the company now expects revenue to be in the range of $1.805 billion -$1.815 billion, up from $1.78 billion to $1.79 billion guided earlier.

Loss for the year, on an adjusted basis, is expected between $1.14 per share and $1.11 per share, compared with its previous outlook for a loss of $1.27-$1.24 per share.

On average, 23 analysts polled by Thomson Reuter expect the company too report loss of $1.25 per share on revenue of $1.78 billion for the year.

For the second quarter, the company sees revenue in the range of $428 million to $430 million and adjusted loss per share between $0.32 and $0.31. The consensus estimate is $422.25 million for revenue $0.33 per share of loss.

For the first quarter, Okta posted loss of $43 million or $0.27 per share excluding items, that beat the consensus estimate of $0.34 loss per share.

Revenue for the quarter increased 65% year-over-year to $415 million, helped by growth in subscription revenue.

OKTA closed at $93.68, up 10.96% on Friday.