Investors Cheer Okta's Q3 Performance, FY23 Outlook Hike

  • Okta, Inc OKTA reported third-quarter revenue growth of 37% year-on-year to $481 million, beating the consensus of $465.3 million.
  • Non-GAAP EPS of $0.00 beat the consensus loss of $(0.24).
  • Subscription revenue was $466 million, an increase of 38% Y/Y.
  • RPO, or subscription backlog, was $2.85 billion, up 21% Y/Y.
  • cRPO, contracted subscription revenue likely to be recognized over the next 12 months, was $1.58 billion, up 34% Y/Y.
  • Total calculated billings were $532 million, up 37% Y/Y. Free cash flow was $6 million.
  • Okta held $2.47 billion in cash and equivalents.
  • Okta sees Q4 revenue of $488 million - $490 million (vs. consensus $487.9 million). It sees Non-GAAP EPS of $0.09 - $0.10 (vs. consensus loss $(0.11)).
  • Okta raised FY23 revenue guidance to $1.836 billion - $1.838 billion, up from the prior $1.812 billion - $1.820 billion (vs. consensus $1.82 billion). It sees Non-GAAP EPS loss of $(0.27) - $(0.26), up from prior $(0.73) - $(0.70) (vs. consensus loss of $(0.72)).
  • Susan St. Ledger, President, Worldwide Field Operations, will retire at the end of the fiscal year on January 31, 2023. 
  • Todd McKinnon will act as interim leader of Worldwide Field Operations. St. Ledger will remain with the company in an advisory role to allow for a smooth transition.
  • Price Action: OKTA shares traded higher by 14.03% at $60.80 in the premarket on the last check Thursday.
Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsGuidanceMoversTechTrading IdeasBriefspremarket tradingwhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!