Okta beats Q3 estimates, achieves positive free cash flow

Okta printed its 3rd quarter monetary effects on Wednesday, beating marketplace estimates and reaching certain loose money glide for the primary time.

The identification control company posted a non-GAAP web lack of $three.nine million or four cents consistent with percentage. A 12 months prior, the corporate posted a non-GAPP web lack of $17.nine million or 19 cents consistent with percentage. Q3 income totaled $105.6 million, rising 58 p.c year-over-year.

Wall Side road was once anticipating a web lack of 11 cents consistent with percentage on income of $96.93 million.

Okta’s subscription income for the quarter got here to $97.7 million, rising 58 p.c year-over-year.

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The corporate attributed its expansion to momentum within the endeavor. In Q3, Okta grew its overall consumers to greater than five,600 organizations. It added 100 new consumers with over $100,000 annual ordinary income, representing 55 p.c year-over-year expansion. In the meantime, the corporate expanded deployments with primary consumers together with the Transportation Safety Management (TSA), Sonoco, LendingClub and Albertsons.

Okta was once loose money glide certain for the quarter at $1.four million, or 1.three p.c of overall income. By way of comparability, a 12 months prior Okta’s loose money glide was once damaging $11.2 million.

“Our persisted energy is a testomony to the rising pervasiveness of identification,” CEO Todd McKinnon stated in a observation, “and we consider we’re smartly located to additional get pleasure from those tailwinds as organizations proceed their transfer to the cloud, whilst digitally remodeling and securing their companies.”

For This fall, Okta gave an outlook of a non-GAAP web loss consistent with percentage between nine cents and eight cents, on income between $107 and $108 million. Analysts expect a web lack of 11 cents consistent with percentage on income of $99.87 million.

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