Okta stock is up 15% in extended hours: what happened?

on Mar 2, 2023
  • Okta reports market-beat results for its fourth financial quarter.
  • Its future outlook comes in well above Street expectations.
  • Okta stock is now up close to 20% versus the start of the year.

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Shares of Okta Inc (NASDAQ: OKTA) jumped 15% in extended trading after the identity and access management company reported market-beating results for its fourth financial quarter.

Okta stock up on exciting guidance

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The tech stock is also being rewarded because the company’s future outlook came in well above the Street expectations.

Okta says its full-year earnings on a per-share basis will come in between 74 cents and 79 cents this year. Analysts, in comparison, had called for 32 cents a share of adjusted profit only.

A 16% to 17% annualised growth it expects in revenue, however, is roughly in line with estimates. In the earnings press release, CEO Todd McKinnon said:

Identity remains a top priority for organisations around the world. Despite an evolving macro environment, we’re more excited than ever to advance our leadership position in a massive market as Okta delivers on profitable growth.

The Nasdaq-listed firm issued better-than-expected guidance for its current quarter as well. For the year, Okta stock is now up close to 20%.

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Okta’s Q4 financial performance

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  • Net loss printed at $153 million versus the year-ago $241 million
  • Per-share loss also narrowed significantly from $1.56 to 95 cents
  • Adjusted EPS came in at 30 cents as per the earnings press release
  • Revenue climbed 33% on a year-over-year basis to $510 million
  • FactSet consensus was 9 cents a share on $489.9 million revenue

Other notable figures in the earnings report include a 12% increase in remaining performance obligations and billings up 18%. The chief executive added:

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Okta is the only independent and neutral platform that brings market leading solutions for both workforce and customer identity at scale. We’re pleased with continued improvement of our go-to-market execution.

Wall Street currently has a consensus “overweight” rating on Okta stock.


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