Shares of Okta (NASDAQ:OKTA) posted a double-digit loss in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2024. Earnings per share came in at $0.22, which beat analysts’ consensus estimate of $0.12 per share. Sales increased by 24.8% year-over-year, with revenue hitting $518 million. This beat analysts’ expectations of $510.68 million.
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Okta posted a subscription revenue of $503 million, which was up 26% over this time last year. Its RPO, or subscription backlog, came in at $2.94 billion. That’s up 9% against this time last year as well.
Okta management also offered some guidance for the next quarter and the full year. The second quarter’s total revenue is expected to be between $533 million and $535 million, readily beating analyst consensus figures calling for $528.78 million. Meanwhile, earnings per share are expected to be between $0.21 and $0.22 per share, again well ahead of analyst projections calling for $0.16.
As for the full year 2024, Okta looks for EPS between $0.88 and $0.93 per share and total revenue between $2.175 billion and $2.185 billion. That’s up from earlier projections, though there is no analyst projection as yet for the full year on Okta’s earnings or revenue projections.
Overall, Wall Street has a consensus price target of $93.33 on Okta, implying 2.56% upside potential, as indicated by the graphic above.
