Tech: Okta knocked it out of the park on its first ever quarterly report as a public company (OKTA)

Okta founders IPO

Shares of the cloud software company Okta reached new highs after a better than expected first quarter report.

Okta showed its first report card to Wall Street since going public, and the Street was very pleased.

Shares of the cloud software company popped roughly 7% in after hours on Wednesday, after it reported financial results that topped analyst targets.

Okta’s Q1 revenue of $53 million was up 67% year-over-year, and above the $48 million expected by analysts. Excluding certain items, Okta said it lost $0.50 per share in the first three months of the year, lower than the average analyst expectation of a $0.62 per share loss.

The strong results sent the $2.3 billion company’s stock to a new high, two months after a successful IPO in which its stock soared 44% on the first day of trading. Okta’s software helps companies manage employee passwords for various cloud services.

Okta also offered a financial forecast for the current quarter and the full year that exceeded Wall Street targets.

posted by ConnectMe

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