Okta stock jumped 20% in extended trading: explained here

Okta Inc (NASDAQ: OKTA) stock jumped nearly 20% in after-hours trading on market-beating Q1 revenue. The IT service management company also raised its guidance for fiscal 2023.

Okta Q1 financial highlights

• Lost $242.7 million in the first quarter that translates to $1.56 per share.
• This compares to a much lower $109.2 million loss (83 cents a share) last year.
• On an adjusted basis, per-share loss stood at 27 cents in the recent quarter.
• Revenue jumped 65% to $414.9 million, as per the earnings press release.
• FactSet consensus was for $62 million of loss on $389 million in sales.
• Total cost of revenue close to doubled in the first financial quarter.  

Other notable figures include a 90% increase in totally operating expenses. The stock is still down roughly 50% for the year.

Okta outlook for fiscal 2023

For fiscal 2023, Okta expects its revenue to fall between $1.805 billion and $1.815 billion. It now forecasts a lower $1.11 to $1.14 of per-share loss this year. In the earnings press release, CEO Todd McKinnon said:

The San Francisco-headquartered company concluded the quarter with $2.49 billion in cash and equivalents.