Okta shares on the rise after company’s quarterly beat, guidance
Shares of Okta Inc. rose more than 3% late Wednesday after the tech company reported a narrower-than-expected loss and larger sales in the first quarter. Okta said it lost $26 million, or 25 cents a share, in the quarter, compared with $27.7 million, or 70 cents a share, in the first quarter of fiscal 2018. Adjusted for one-time items, Okta lost $9.4 million, or 9 cents a share, compared with $18.8 million, or 47 cents a share, a year ago. Sales rose 60% to $83.6 million. Analysts polled by FactSet had expected an adjusted loss of 16 cents a share on sales of $78.8 million. Okta said it expects revenue between $84 million and $85 million, and an adjusted per-share losses between 21 cents and 20 cents, for the second quarter. For full fiscal 2019, the company said it forecasts total revenue between $353 million and $357 million, and a non-GAAP net loss per share between 58 cents and 54 cents. The guidance was better than the analysts surveyed by FactSet expected. Okta shares ended the regular trading day down 0.8%.