Shares of Okta Inc (NASDAQ: OKTA) jumped 15% in extended trading after the identity and access management company reported market-beating results for its fourth financial quarter.
The tech stock is also being rewarded because the company’s future outlook came in well above the Street expectations.
Okta says its full-year earnings on a per-share basis will come in between 74 cents and 79 cents this year. Analysts, in comparison, had called for 32 cents a share of adjusted profit only.
A 16% to 17% annualised growth it expects in revenue, however, is roughly in line with estimates. In the earnings press release, CEO Todd McKinnon said:
Identity remains a top priority for organisations around the world. Despite an evolving macro environment, we’re more excited than ever to advance our leadership position in a massive market as Okta delivers on profitable growth.
The Nasdaq-listed firm issued better-than-expected guidance for its current quarter as well. For the year, Okta stock is now up close to 20%.
Other notable figures in the earnings report include a 12% increase in remaining performance obligations and billings up 18%. The chief executive added:
Okta is the only independent and neutral platform that brings market leading solutions for both workforce and customer identity at scale. We’re pleased with continued improvement of our go-to-market execution.
Wall Street currently has a consensus “overweight” rating on Okta stock.
The post Okta stock is up 15% in extended hours: what happened? appeared first on Invezz.