Okta soars 5% after first earnings report
Okta reported its first quarterly results since going public in April. The company managed to surpass investors expectations and went up 5% in initial after-hours trading.
Okta, which provides identity management software for businesses, brought in $53 million in revenue, a 67% increase from the same period last year. Investors had been forecasting $48 million.
But losses increased from $22.8 million to $28.9 million in the same timeframe. Adjusted losses went from $19.3 million to $20 million.
“We will be profitable, it’s just a matter of when,” CEO Todd McKinnon said in a call with TechCrunch.
But for now, Okta has “been aggressively investing in growth,” he said. “We’re investing a ton in innovation and R&D to make new products for our customers.”
The company is forecasting between $55 million and $56 million in revenue for the second quarter of this year.
Featured Image: Okta