Okta Inc (OKTA) tops bottom and top line estimates for Q2 2021

Okta (NASDAQ: OKTA) stock dropped about 3% in the extended trading session today despite the upbeat second quarter 2021 results and raise in the FY21 outlook. On a non-GAAP basis, the company swung to a profit in the second quarter.

GAAP net loss widened to $60.1 million or $0.48 per share from $43.0 million or $0.37 in the second quarter of fiscal 2020. Non-GAAP net income was $9.9 million or $0.07 per share compared to a net loss of $5.2 million or $0.05 per share.

For the third quarter of fiscal 2021, Okta expects non-GAAP net loss per share of $0.02 to $0.01 and revenue of $202 million to $203 million.

For the fiscal year 2021, the company raised the guidance it gave in the first quarter of 2021. Okta now expects a non-GAAP net loss per share to be $0.03 to $0.01 compared to the previous net loss per share outlook of $0.23 to $0.18. FY21 revenue is now projected to be in the range of $800 million to $803 million versus the prior guided range of $770 million to $780 million.

“The three mega-trends that have been driving our business for the past several years – the adoption of cloud and hybrid IT, digital transformation, and zero trust security – are all being accelerated globally by the current environment,” said CEO Todd McKinnon.

Looking forward to read what management and analysts discuss on quarterly results? Stay tuned here for Okta Q2 2021 earnings call transcript