Why Is Okta Stock Falling After Hours?

Okta Inc OKTA shares are trading lower in Wednesday's after-hours session after the company reported second-quarter financial results.

Okta said second-quarter revenue increased 43% year-over-year to $452 million, which beat average analyst estimates of $430.68 million, according to Benzinga Pro. The company reported a quarterly net loss of 10 cents per share, which was improved from a net loss of 11 cents per share year-over-year.

"We delivered solid first quarter results highlighted by strength in new customer additions, dollar-based net retention rate, and the success we're having with large customers as they continue their journey to the cloud," said Todd McKinnon, co-founder and CEO of Okta.

Okta expects third-quarter revenue to be between $463 million and $465 million versus the estimate of $463.99 million. Full-year revenue is expected to be between $1.812 billion and $1.82 billion versus the estimate of $1.82 billion.

Okta expects a third-quarter adjusted net loss between 24 cents and 25 cents per share. The company anticipates a full-year adjusted net loss between 70 cents and 73 cents per share. 

OKTA Price Action: Okta has a 52-week high of $226.49 and a 52-week low of $77.01.

The stock was down 6.67% in after hours at $85.30 at press time.

Photo: courtesy of Okta.