Okta stock fell after the cybersecurity firm reported second-quarter earnings and revenue that topped analyst estimates amid its acquisition of Auth0 in May. Okta revenue guidance edged by expectations for the October quarter.
San Francisco-based Okta (OKTA) said it lost 11 cents per share vs. a 7-cent profit in the year-earlier period. Revenue climbed 57% to $316 million, the cybersecurity firm said. Revenue growth included a $38 million contribution from Auth0.
Analysts expected the Okta earnings report to show a loss of 35 cents a share on sales of $296.7 million. The company said billings rose 83% to $363 million vs. estimates of $302 million. Excluding Auth0, billings rose 47%, the cybersecurity firm said.
For the October quarter, Okta forecast revenue of $326 million at the midpoint of its guidance vs. estimates of $323 million. The company projected a loss in a range of 25 cents to 26 cents. Analysts had estimated a 34-cent loss.
Okta stock fell 5% to near 251 in after-hours trading on the stock market today.
Microsoft Competition Heats Up For Okta Stock:
Okta in May closed the acquisition of Auth0 in a $6.5 billion deal.
Okta’s cybersecurity software monitors and manages privileged accounts. Hackers often target employees or management with administrative access to company computer systems.
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