(Okta) Shares of Okta Inc. rose more than 15% in premarket on Friday after reporting a revenue of $415 million in the first quarter of 2023. The revenue was an increase of 65% year-over-year.
Okta said that its subscription revenue expanded by 66% from the prior year. The remaining performance obligations increased by 43% to $2.71 billion, while the current RPO rose by 57% to $1.41 billion.
The company’s GAAP net loss was $243 million or minus $1.56 per share, wider than a loss of $109 million in the prior year’s comparable quarter. Non-GAAP net loss was $0.27 per share, compared to a loss of $0.10 in the prior year.
Okta issued guidance for Q2 and FY23. The company is expecting a revenue of between $428 million and $430 million in the second quarter, a growth of 36% from the prior year. FY23 revenue is expected at between $1.805 billion and $1.815 billion, up 39% to 40% year-over-year.
Non-GAAP net loss per share in the second quarter is expected at between minus $0.32 to minus $0.31. FY23 non-GAAP net loss is projected at between minus $1.14 to minus $1.11.
OKTA: NASDAQ is up +15.86% in premarket.
