In its most recent quarter, Okta showcased impressive revenue figures thanks to the support of its large customer base. The digital identity verification provider reported a narrowed loss of $44 million or 26 cents per share for the fourth quarter ended Jan. 31. This is a significant improvement from the $153 million loss reported in the same period the previous year. Adjusted earnings stood at 63 cents per share, surpassing analysts’ expectations of 51 cents per share.
Revenue Surges to $605 Million
Revenue saw a substantial increase from $510 million to $605 million, exceeding analysts’ forecast of $587.2 million. CEO Todd McKinnon credited the company’s strong performance to its success with key clients.
Positive Outlook for the Future
For the current quarter, Okta expects revenue to fall within the $603 million to $605 million range, with adjusted earnings per share projected to be between 54 and 55 cents. This outlook surpasses analysts’ expectations of $583.8 million in revenue and 41 cents in adjusted earnings per share.
Looking ahead to fiscal 2025, Okta anticipates revenue between $2.5 billion and $2.51 billion, along with adjusted earnings per share ranging from $2.24 to $2.29. Analysts had estimated revenue of $2.48 billion and adjusted earnings per share of $1.96 for fiscal 2025.
