Password security company Okta soars 16% on major earnings and revenue beat (OKTA)

pulse

September 6, 2018 11:22 PM

Okta reported GAAP revenues of $94.6 million, up 57% from the year before and adjusted losses of $0.15 per share.

Okta shares soared 16% in after hours trading Thursday after the single sign-on company delivered a major beat in second quarter earnings.

Okta tightened its losses and projected strong growth for the third quarter and 2019 fiscal year, beating Wall Street's expectations on every metric.

“We continued to see momentum across our business in the second quarter of the fiscal year, with year-over-year subscription revenue growth of 59%, including particular strength in the enterprise,” Okta CEO Todd McKinnon said in a statement.

“Growth in customers with over $100,000 annual recurring revenue accelerated to 55% year-over-year in Q2, which is a testament to the increasing strategic need for an identity solution as organizations move to the cloud. This need is pervasive and imperative, and I believe we are in the early stages of capitalizing on this high growth opportunity,” he said.

Here's what Okta reported: