Why Okta Stock Is Soaring After Hours

Okta Inc OKTA shares are trading higher in Wednesday's after-hours session after the company reported financial results and issued guidance above analyst estimates.

Okta said third-quarter revenue increased 37% year-over-year to $481 million, which beat average analyst estimates of $465.34 million, according to Benzinga Pro. The company reported flat quarterly earnings which was up from a net loss of 7 cents per share year-over-year.

"We remain focused on go-to-market execution, spend efficiency measures, and increasing profitability as we navigate an evolving macro environment," said Todd McKinnon, co-founder and CEO of Okta. 

Okta expects fourth-quarter revenue to be between $488 million and $490 million versus average estimates of $487.86 million. The company expects fourth-quarter earnings to be between 9 cents and 10 cents per share versus estimates for a loss of 11 cents per share.

Okta sees full-year revenue in a range of $1.836 billion to $1.838 billion versus estimates of $1.82 billion. The company expects a full-year net loss between 26 cents and 27 cents per share versus estimates for a loss of 72 cents per share. 

OKTA Price Action: Okta shares are up 17.4% in after hours at $62.57 at time of publication, according to Benzinga Pro.

Photo: courtesy of Okta.