(Updated - June 7, 2017 4:33 PM EDT)

(Update corrects to show adjusted EPS figure beat consensus)

Okta, Inc. (NASDAQ: OKTA) reported Q1 EPS of ($0.50), $0.12 better than the analyst estimate of ($0.62). Revenue for the quarter came in at $53 million versus the consensus estimate of $48.23 million.

GUIDANCE:

Okta, Inc. sees FY2018 EPS of ($1.15)-($1.11). Okta, Inc. sees FY2018 revenue of $233-236 million, versus the consensus of $226.79 million.

Financial Outlook:

For the second quarter of fiscal 2018, the Company currently expects:

• Total revenue of $55.0 to $56.0 million
• Non-GAAP operating loss of $24.0 to $23.0 million
• Non-GAAP net loss per share of $0.26 to $0.25 using shares outstanding of approximately 92.5 million

For the full fiscal 2018, the Company currently expects:

• Total revenue of $233.0 to $236.0 million
• Non-GAAP operating loss of $91.2 to $88.2 million
• Non-GAAP net loss per share of $1.15 to $1.11 using shares outstanding of approximately 80.2 million

First Quarter Fiscal 2018 Financial Highlights:

• Revenue: Total revenue was $53.0 million, an increase of 66.8% year-over-year. Subscription revenue was $48.4 million, an increase of 75.4% year-over-year.
• Operating Loss: GAAP operating loss was $28.6 million, or 54.0% of total revenue, compared to $22.7 million in the first quarter of fiscal 2017, or 71.4% of total revenue. Non-GAAP operating loss was $19.7 million, or 37.2% of total revenue, compared to $19.3 million of the first quarter of fiscal 2017, or 60.7% of total revenue.
• Net Loss: GAAP net loss was $28.9 million, compared to $22.8 million in the first quarter of fiscal 2017. GAAP net loss per share was $0.73, compared to $1.22 for the first quarter of fiscal 2017. Non-GAAP net loss was $20.0 million, compared to $19.3 million in the first quarter of fiscal 2017. Non-GAAP net loss per share was $0.50, compared to $1.04 for the first quarter of fiscal 2017.
• Cash Flow: Net cash used in operations was $9.7 million, compared to $15.0 million for the first quarter of fiscal 2017. Free cash flow was negative $13.3 million, or 25.2% of total revenue, compared to negative $17.2 million, or 54.1% of total revenue, in the first quarter of fiscal 2017.
• Cash and cash equivalents and short term investments were $224.2 million as of April 30, 2017.

For earnings history and earnings-related data on Okta, Inc. (OKTA) click here.