Okta Q1 Results Beat Estimates, Raised FY24 Outlook

(RTTNews) - Okta Inc. (OKTA) on Wednesday posted first-quarter results that beat earnings and revenue estimates. The company also raised full-year EPS and revenue outlook. The first-quarter net loss came in at $119 million or $0.74 per share, compared to the loss of $243 million or $1.56 per share in the same period a year earlier. Adjusted income was $38 million or $0.22 per share, compared to the loss of $43 million or $0.27 per share the prior year. It surpassed the analyst consensus estimate of $0.13 per share. The company's revenue for the quarter rose to $518 million from $415 million last year, exceeding the analyst consensus estimate of $ 510.51 million. The second quarter's revenue is expected to be between $533 million and $535 million, while analysts currently estimate consensus figure of $527.87 million. Earnings per share are expected to be between $0.21 and $0.22 per share, well ahead of analyst projections of $0.17. As for the full year 2024, Okta looks for EPS between $0.88 and $0.93 per share and total revenue between $2.175 billion and $2.185 billion. That's up from earlier projections of EPS between $0.74 to $0.79 per share on the revenue of $2.155 billion to $2.170 billion. Tuesday, the stock closed at $90.90 in regular trading hours, up 0.88% or $0.79 a share, on Nasdaq.