Okta Q1 Earnings: Revenue Beat, EPS Beat, Raised Guidance — 'Massive Opportunity' Ahead And More

Okta Inc OKTA reported fiscal first-quarter financial results Wednesday after the bell. Here’s a look at key metrics and highlights from the quarter.

Q1 Earnings: Okta reported first-quarter revenue of $617 million, which was up 19% year-over-year and came in ahead of analyst estimates of $604.339 million. The cloud-native cybersecurity company reported adjusted earnings of 65 cents per share, beating analyst estimates of 55 cents per share, per Benzinga Pro.

Subscription revenues came in at $603 million, up 20% on a year-over-year basis. Current remaining performance obligations totaled $1.949 billion at the quarter end, up 15% year-over-year.

Net cash provided by operations was $219 million, up from $129 million in the prior year’s quarter. The company generated free cash flow of $214 million in the quarter, up from $124 million year-over-year. Okta ended the quarter with $2.32 billion in cash, equivalents and short-term investments.

“We began the new fiscal year with record non-GAAP profitability and cash flow as we continue to benefit from the operating efficiency actions we’ve taken over the past several quarters,” said Todd McKinnon, co-founder and CEO of Okta.

Outlook: Okta sees fiscal second-quarter revenue in the range of $631 million to $633 million versus estimates of $615.824 million. The company anticipates second-quarter adjusted earnings of 60 to 61 cents per share versus estimates of 54 cents per share. 

Okta also raised its full-year guidance. Okta now sees full-year revenue in the range of $2.53 billion to $2.54 billion versus estimates of $2.508 billion. The company now expects full-year adjusted earnings to be between $2.35 and $2.40 per share versus estimates of $2.32 per share.

“With the advancements we’ve made on Okta’s Secure Identity Commitment and our growing product pipeline, we remain well positioned to advance our market leadership position and win more of the massive opportunity in both the workforce and customer identity markets,” McKinnon said.

Okta’s management team will discuss its quarterly results on a conference call scheduled for 5 p.m. ET.

OKTA Price Action: Okta shares were up 1.49% after hours at $97.80 at the time of publication Wednesday, per Benzinga Pro.

See Also: Deepfake Scams Rake In Millions, Cybersecurity Experts Warn Of Escalating Threats

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