Here's Why Okta Shares Are Off And Running After Hours

Shares of cloud-native security firm Okta Inc OKTA are rising in extended trading Wednesday after the company turned in fourth-quarter earnings results that easily exceeded analyst expectations and issued strong earnings guidance.

• Q4 Revenue: $510 million beat estimates of $489.36 million
• Q4 EPS: 30 cents beat estimates of 9 cents

"Identity remains a top priority for organizations around the world and Okta is the only independent and neutral platform that brings market leading solutions for both workforce and customer identity at scale," said Todd McKinnon, co-founder and CEO of Okta.

"Despite an evolving macroeconomic environment, we're more excited than ever to advance our leadership position in a massive market as Okta delivers on non-GAAP profitable growth."

Outlook: Okta expects first-quarter revenue to be between $509 million and $511 million versus estimates of $497.94 million. The company sees first-quarter adjusted earnings between 11 cents and 12 cents per share versus estimates for a breakeven bottom line.

Okta sees full fiscal-year 2024 revenue between $2.155 billion and $2.17 billion versus estimates of $2.16 billion. The company expects full-year adjusted earnings to be in a range of 74 cents to 79 cents per share versus estimates of 32 cents per share. 

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OKTA Price Action: Okta shares are up 10.6% after hours at $79 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Okta.