Okta stock falls even as earnings, outlook top Street estimates

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Okta Inc. shares dropped successful the extended league Wednesday aft the identity-management services company’s quarterly results and outlook topped Wall Street estimates.

Okta  OKTA, +0.44% shares fell 6% successful Wednesday’s after-hours session, pursuing a 0.4% emergence successful the regular league to adjacent astatine $264.76.

The company, which makes bundle that helps workers to motion into web applications, reported a second-quarter nonaccomplishment of $276.7 million, oregon $1.83 a share, compared with a nonaccomplishment of $60.1 million, oregon 48 cents a share, successful the year-ago period. The adjusted loss, which excludes stock-based compensation expenses and different items, was 11 cents a share, versus nett income of 7 cents a stock successful the twelvemonth agone period.

Revenue roseate to $315.5 cardinal from $200.4 cardinal successful the year-ago quarter.

Analysts had forecast an adjusted nonaccomplishment of 35 cents a stock connected gross of $296.7 million, based connected the company’s forecast of a nonaccomplishment of 36 cents to 35 cents a stock connected gross of $295 cardinal to $297 million.

Okta expects an adjusted third-quarter nonaccomplishment of 25 cents to 24 cents a stock connected gross betwixt $325 cardinal and $327 million, portion analysts surveyed by FactSet had forecast a nonaccomplishment of 34 cents a stock connected gross of $323.1 million.

For the year, Okta sees an adjusted nonaccomplishment of 77 cents to 74 cents a stock connected gross of $1.24 cardinal to $1.25 billion, portion analysts had forecast a nonaccomplishment of $1.14 a stock connected gross of $1.22 billion.

During the quarter, Okta closed its $6.5 cardinal acquisition of identity-platform institution Auth0.

“In our archetypal 4th arsenic a combined institution with Auth0, we’re disconnected to a fantastic start,” said Todd McKinnon, main enforcement and co-founder of Okta, successful a statement. “Execution remained crisp with beardown request for Okta’s workforce and lawsuit individuality solutions, arsenic good arsenic Auth0’s developer-centric individuality solutions.”

Okta shares person gained 18% implicit the past 12 months, compared with 28% gains successful some the S&P 500 index  SPX, +0.03% and the tech-heavy Nasdaq Composite Index COMP, +0.33%.

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