Okta (OKTA) Jumps 11% on Q1 Beat and Raise Driven by New and Large Customers

Okta, Inc. (Nasdaq: OKTA) posted strong results for the first quarter of 2023 and provided a solid outlook, sending shares up 11% after-hours Thursday.

The independent identity provider posted Q1 revenue growth of 65% to $415 million, topping the consensus of $389.05 million. EPS was ($0.27), also better than the consensus of ($0.34).

CEO, Todd McKinnon, cited new customer additions, dollar-based net retention rate, and success with large customers for the beat.

Looking ahead, the company sees second-quarter revenue of $428-$430 million, versus the consensus of $422.25 million. They see a Non-GAAP net loss of ($0.32)-($0.31), versus the consensus of ($0.33)

For the year, the company sees revenue of $1.805-$1.815 billion, versus the consensus of $1.78 billion. They see Non-GAAP net loss per share of ($1.14)-($1.11), versus the consensus of ($1.25).

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