Connect with us

Hi, what are you looking for?


Okta stock just popped up 15%: explained here

Okta Inc (NASDAQ: OKTA) is up more than 15% in extended trading after the identity management company said it broke even in its third financial quarter.

Okta Inc issued upbeat guidance for the future

Investors are also celebrating the guidance that suggests things will get even better moving forward.

For Q4, Okta now forecasts 9 cents to 10 cents of adjusted per-share earnings on $488 million to $490 million in revenue. In comparison, analysts had called for a 12 cents loss on $488.3 million of revenue. In the earnings press release, CEO Todd McKinnon said:

We’re delivering innovation and simplicity to solve complex identity challenges. We remain focused on go-to-market execution, spend efficiency measures, and increasing profitability as we navigate an evolving macro environment.

For the year, Okta stock is still down more than 70%.

Key takeaways from Okta’s Q3 earnings report

Lost $208.9 million versus the year-ago $221.3 millionPer-share loss also narrowed from $1.44 to $1.32Broke even on an adjusted per-share basisRevenue jumped 37% year-on-year to $481.4 millionConsensus was 24 cents of loss on $465.4 million revenue

Other notable figures in the earnings report include remaining performance obligations (RPO) that went up 21% versus the same quarter last year to $2.85 billion. Free cash flow was $6.0 million this quarter.

President Susan St. Ledger to retire

Also on Wednesday, Okta said its President of Worldwide Field Operations – Susan St. Ledger will retire on January 31st. CEO McKinnon will temporarily take her role if a successor is not brought onboard by then.

St. Ledger has agreed to take up an advisory role to ensure smooth transition, the company added.

Investors wanting to invest in Okta stock following its strong quarterly update should also know that Wall Street currently has a consensus “overweight” rating on it.

The post Okta stock just popped up 15%: explained here appeared first on Invezz.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like


    Reprinted from the Future of Freedom Foundation President Biden’s campaign to banish (or maybe outlaw) political paranoia took a wallop last spring. In April,...


    Inflation appears to be on the decline. The Personal Consumption Expenditures Price Index (PCEPI), which is the Federal Reserve’s preferred measure of inflation, grew...

    Editor's Pick

    It’s already a cliché, but technology is rapidly improving. And for many businesses, it’s hard to catch up. However, it’s not just the average...

    Editor's Pick

    At Broadband World Forum 2022, Fibocom launched 5G module FG370 based on MediaTek T830 platform, aiming to empower the deployment of 5G FWA for...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2022 All Rights Reserved.