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Why Okta Stock Is Soaring After Hours

Published 30/11/2022, 21:31
© Reuters.  Why Okta Stock Is Soaring After Hours
OKTA
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Benzinga - Okta Inc (NASDAQ: OKTA) shares are trading higher in Wednesday's after-hours session after the company reported financial results and issued guidance above analyst estimates.

Okta said third-quarter revenue increased 37% year-over-year to $481 million, which beat average analyst estimates of $465.34 million, according to Benzinga Pro. The company reported flat quarterly earnings which was up from a net loss of 7 cents per share year-over-year.

"We remain focused on go-to-market execution, spend efficiency measures, and increasing profitability as we navigate an evolving macro environment," said Todd McKinnon, co-founder and CEO of Okta.

Okta expects fourth-quarter revenue to be between $488 million and $490 million versus average estimates of $487.86 million. The company expects fourth-quarter earnings to be between 9 cents and 10 cents per share versus estimates for a loss of 11 cents per share.

Okta sees full-year revenue in a range of $1.836 billion to $1.838 billion versus estimates of $1.82 billion. The company expects a full-year net loss between 26 cents and 27 cents per share versus estimates for a loss of 72 cents per share.

OKTA Price Action: Okta shares are up 17.4% in after hours at $62.57 at time of publication, according to Benzinga Pro.

Photo: courtesy of Okta.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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