Okta beat analysts’ expectations on earnings and revenue for the second quarter. However, the company’s guidance for the October quarter fell behind the Street’s estimates.
The cloud-based identity and access management company reported a quarterly loss of -5 cents per share, faring better than analysts’ estimate of a loss of -11 cents a share. The losses were also narrower from the year-ago period’s -15 cents loss.
Revenue for the quarter surged +49% year-over-year to $140.5 million, topping the $131.2 million expected by analysts.
Looking ahead, Okta projected a loss of -12 cents to -13 cents a share for the quarter ending October, compared to analysts' estimate of -9 cents loss per share.
The company’s revenue forecast of $143.5 million for the third quarter is below the $140.5 million that the Street had predicted.
In recent times, Okta has been apparently focused on adding very large enterprise customers. According to the company, it had a total of 1,222 customers with annual contract value above $100,000 as of last quarter.