Okta, Inc. (OKTA) Tops Q1 EPS by 10c, Revenues Beat; Reaffirms 2Q & FY21 EPS/Revenue Guidance

May 28, 2020 4:11 PM

Okta, Inc. (NASDAQ: OKTA) reported Q1 EPS of ($0.07), $0.10 better than the analyst estimate of ($0.17). Revenue for the quarter came in at $182.9 million versus the consensus estimate of $171.35 million.

First Quarter Fiscal 2021 Financial Highlights:

"Okta is at the forefront of helping organizations adapt to the current environment where secure remote access has become a top priority across industries," said Todd McKinnon, Chief Executive Officer and co-founder of Okta. "Our strong first quarter performance reflects our market leadership and ability to effectively and quickly shift to a fully remote workforce. This shift is enabled through our core technology, which allows secure access to any technology from anywhere. When this crisis is over, we don't expect organizations to revert to their prior ways of working. Our commitment to our customers and continued focus on operational agility will help us navigate this environment, lead the new way of work, and seize the opportunity to emerge in an even stronger position."

GUIDANCE:

Okta, Inc. sees Q2 2021 EPS of ($0.02)-($0.01), versus the consensus of ($0.09). Okta, Inc. sees Q2 2021 revenue of $185-187 million, versus the consensus of $185.1 million.

Okta, Inc. sees FY2021 EPS of ($0.23)-($0.18), versus the consensus of ($0.33). Okta, Inc. sees FY2021 revenue of $770-780 million, versus the consensus of $771.15 million.

For the second quarter of fiscal 2021, the Company expects:

For the full year fiscal 2021, the Company now expects:

"We are pleased with our continued execution and strong first quarter results," said Bill Losch, Chief Financial Officer of Okta. "Looking ahead, our strong first quarter revenue performance and highly recurring business model give us confidence in reiterating our fiscal year 2021 revenue outlook. In addition, we are improving our operating loss and loss per share outlook for the fiscal year. While we believe it's prudent to continue to expect some near-term business headwinds as the economic impacts from the pandemic further unfold, we remain highly confident in our long-term success as the leader in the massive identity and access management market."

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

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