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Shares of Okta Inc. rose sharply in the extended session on Wednesday after the enterprise identity management systems provider reported adjusted revenue and earnings that far exceeded analysts’ estimates.
Okta OKTA Shares,
climbed more than 5% after the close of regular session to $ 230.21, down 2.9%.
The company, a provider of software that allows employees to connect to their corporate networks, posted a third-quarter loss of $ 72.8 million, or 56 cents per share, compared to a loss of $ 63.5 million , or 53 cents per share, during the year. period ago. Adjusted earnings were $ 5.7 million, or 4 cents per share, adjusted for stock-based compensation, debt-related costs and more. Revenue rose to $ 217.4 million, up from $ 153 million in the quarter last year. Analysts polled by FactSet had forecast a loss of 1 cent per share on revenue of $ 202.8 million.
“If you take a step back and think about the company we are in, we are helping companies with their digital transformations,” COO Frédéric Kerrest said in an interview. “These mega trends have been around for five years… and have undoubtedly been accelerated by COVID.”
He added that some of the company’s clients, such as large corporations, are realizing that now is the perfect time to “really move forward with cloud technologies.” Kerrest said many companies are taking advantage of a “technology leap moment” to roll out new offerings and modernize their infrastructure, which helps companies like Okta.
In the fourth quarter, Okta expects a loss of 2 cents per share to 1 cent per share on revenue of $ 221 million to $ 222 million, when analysts had forecast a loss of 2 cents per share. share on a turnover of 216.2 million dollars.
Shares of the San Francisco-based company have doubled so far this year, relative to the S&P 500 SPX index,
which represents about 13%.
The company also announced that outgoing CFO Bill Losch, who has held the position since 2013, will be replaced by board member Mike Kourey in March.
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