Okta (OKTA) Q3 earnings 2024

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Okta (OKTA) Q3 earnings 2024

Todd McKinnon, CEO and co-founder of Okta, speaks during the BoxWorks 2019 Conference in San Francisco, California, on Oct. 3, 2019.

Michael Short | Bloomberg | Getty Images

Shares of Okta popped more than 18% in extended trading on Tuesday after the identity management company released

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that beat analysts’ estimates and offered rosy guidance.

Here’s how the company did:

Earnings per share: 67 cents adjusted vs. 58 cents expected by LSEG.Revenue: $665 million vs. $650 million expected by LSEG.

Okta helps companies manage employees’ access to applications or devices with features like single sign-on and multifactor authentication. The company swung to profitability, reporting net income of $16 million, or 9 cents per share, during the quarter, compared with a net loss of $81 million, or 49 cents per share, in the same ******* last year.

Revenue increased 14% from $569 million a year ago, according to

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. The company reported $651 million in subscription revenue for the quarter, beating the $635 million average analyst estimate, according to Street Account.

“Our solid Q3 results were underpinned by continued strong profitability and cash flow,” Okta CEO Todd McKinnon said in a statement. “The focused investments we’ve made in our partner ecosystem, the public sector vertical, and large customers are materializing in our business with each of these areas contributing meaningfully to top-line growth.”

For the fourth quarter, Okta said it expects to report revenue between $667 million and $669 million, topping the $651 million average estimate, according to LSEG. The company expects to report earnings of 73 cents to 74 cents per share for the *******, which also exceeded estimates.

Prior to the close, Okta shares were down 10% for the year, while the Nasdaq is up 30% over that stretch.

Okta will host its quarterly call with investors at 5 p.m. ET. 

WATCH: CNBC’s full interview with Okta CEO Todd McKinnon

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#Okta #OKTA #earnings

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