Okta shares pop 18% on earnings beat, strong guidance
Okta shares soared Tuesday after the company reported strong third-quarter results.
Shares of Okta popped more than 18% in extended trading Tuesday after the identity management company released third-quarter results that beat analysts' estimates and offered rosy guidance.
Here's how the company did:
Earnings per share: 67 cents adjusted vs. 58 cents expected by LSEG
Revenue: $665 million vs. $650 million expected by LSEG
Okta helps companies manage employees' access to applications or devices with features such as single sign-on and multifactor authentication. The company swung to profitability, reporting net income of $16 million, or 9 cents per share, during the quarter, compared with a net loss of $81 million, or 49 cents per share, in the same period last year.
Revenue increased 14% from $569 million a year ago, according to a release. The company reported $651 million in subscription revenue for the quarter, beating the $635 million average analyst estimate, according to Street Account.