OKTA beats Q1 earnings estimates by 20.37% and sees revenue increase

From Nasdaq: 2024-05-30 12:28:00

Okta, Inc. reported first-quarter fiscal 2025 earnings of 65 cents per share, beating estimates by 20.37%. Total revenues increased 19.1% year over year to $617 million, driven by higher subscription revenues. The company added 400 new customers and saw a 6% increase in total customer count.

In terms of financials, Okta’s non-GAAP gross profit improved 23.3% year over year to $503 million, with gross margin expanding to 81.5%. Operating expenses decreased 0.3% year over year, resulting in non-GAAP operating income of $133 million.

Looking ahead, Okta expects revenues in the range of $631-$633 million for the second quarter of fiscal 2025, with a year-over-year growth between 13% and 14%. The company also provided guidance for the full fiscal year, expecting revenues to be $2.53-2.54 billion.

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Read more at Nasdaq: OKTA’s Q1 Earnings Beat Estimates, Revenues Increase Y/Y