From CNBC: 2024-12-03 16:48:21

Okta’s CEO Todd McKinnon spoke at the BoxWorks 2019 Conference in San Francisco on Oct. 3, 2019. Following the release of third-quarter results, Okta’s shares surged more than 18% in extended trading. The company reported earnings per share of 67 cents, beating the expected 58 cents, with revenue hitting $665 million, surpassing the expected $650 million. Okta helps manage employee access to applications and devices with features like single sign-on and multifactor authentication. The company reported a net income of $16 million during the quarter, a significant improvement from a net loss of $81 million in the same period last year. Revenue increased by 14% from $569 million a year ago, reaching $651 million in subscription revenue for the quarter. CEO Todd McKinnon expressed satisfaction with the company’s strong profitability and cash flow, attributing success to investments in the partner ecosystem, public sector vertical, and large customers. Okta anticipates reporting revenue between $667 million and $669 million for the fourth quarter, along with earnings of 73 to 74 cents per share, exceeding estimates. Despite Okta shares being down 10% for the year prior to the close, the company remains optimistic about its future growth.



Read more at CNBC:: Okta (OKTA) Q3 earnings 2024