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Okta’s shares gain after Q1 results surpass expectations

Okta Inc. (NASDAQ: OKTA) topped market expectations on revenue and reported a narrower-than-expected loss for the first quarter of 2020, allowing shares to gain over 4% in premarket hours on Thursday.

Total revenue grew 50% year-over-year to $125.2 million, beating estimates of $116 million. Subscription revenue rose 52% to $117.2 million.

GAAP net loss was $52 million, or $0.46 per share, compared to $26 million, or $0.25 per share, in the year-ago quarter. Adjusted net loss was $21.4 million, or $0.19 per share. The target for adjusted EPS was $0.21.

During the quarter, Okta saw a 53% year-over-year growth in customers with over $100,000 in annual contract value.

Todd McKinnon, CEO and co-founder of Okta said, “Last month at Oktane19, we announced new products that further advance our leadership in both workforce and customer identity. These new innovations, coupled with our existing best-in-class offerings, position us well to continue executing on our significant and growing market opportunities.”

For the second quarter of 2020, total revenue is expected to grow 37-38% year-over-year to $130 million to $131 million. Adjusted loss per share is expected to be $0.11 to $0.10.

For full-year 2020, revenue is targeted to be $543 million to $548 million, representing a year-over-year growth rate of 36-37%, while adjusted loss per share is projected to be $0.49 to $0.45.

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