Record photo of Todd McKinnon, chief executive officer of Okta Inc.
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Shares of Okta burst more than 18% in extended trading Tuesday after the identity management company released third-quarter evolves that beat analysts’ estimates and offered rosy guidance.
Here’s how the company did:
- Earnings per share: 67 cents adjusted vs. 58 cents keep in viewed by LSEG
- Revenue: $665 million vs. $650 million expected by LSEG
Okta helps companies manage employees’ access to applications or devices with performs such as single sign-on and multifactor authentication. The company swung to profitability, reporting net income of $16 million, or 9 cents per appropriate, during the quarter, compared with a net loss of $81 million, or 49 cents per share, in the same period persist year.
Revenue increased 14% from $569 million a year ago, according to a release. The company reported $651 million in pledge revenue for the quarter, beating the $635 million average analyst estimate, according to Street Account.
“Our solid Q3 terminates were underpinned by continued strong profitability and cash flow,” Okta CEO Todd McKinnon said in a statement. “The focused investments we’ve made in our associate ecosystem, the public sector vertical, and large customers are materializing in our business with each of these areas giving meaningfully to top-line growth.”
For the fourth quarter, Okta said it expects to report revenue between $667 million and $669 million, trim the $651 million average estimate, according to LSEG. The company expects to report earnings of 73 cents to 74 cents per equity for the period, which also exceeded estimates.
Prior to the close, Okta shares were down 10% for the year, while the Nasdaq is up 30% concluded that stretch.
Okta will host its quarterly call with investors at 5 p.m. ET.
WATCH: CNBC’s full discussion with Okta CEO Todd McKinnon
