Free Post Earnings Research Report: Okta’s Revenues Soared 60%; Net Loss Narrowed
LONDON, UK / ACCESSWIRE / July 5, 2018 / If you want access to our free earnings report on Okta, Inc. (NASDAQ: OKTA), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=OKTA. The Company reported its first quarter fiscal 2018 operating and financial results on June 06, 2018. The cloud identity management Company outperformed top- and bottom-line expectations. Additionally, the Company provided guidance for the upcoming quarter and full fiscal year. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Okta most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For the three months ended April 29, 2018, Okta's total revenues soared 60% to $83.6 million compared to $52.3 million in Q1 FY18. The Company's revenue numbers beat analysts' estimates of $78.8 million.
During Q1 FY19, Okta's subscription revenues surged 59% to $76.8 million compared to $48.3 million in Q1 FY18. The Company's Professional Services revenues totaled $6.8 million in the reported quarter compared to $4.0 million in the prior year's same quarter.
For Q1 FY19, Okta's GAAP operating loss was $25.0 million, or 29.9% of total revenues, compared to $27.4 million, or 52.4% of total revenues, in Q1 FY18. The Company's non-GAAP operating loss was $10.8 million, or 13.0% of total revenues, in the reported quarter versus $18.5 million, or 35.4% of total revenues, in the prior year's comparable quarter.
Okta reported a GAAP net loss of $26.0 million, or $0.25 loss per share, in Q1 FY19 compared to a GAAP net loss of $27.7 million, or $0.70 loss per share, in Q1 FY18. The Company's non-GAAP net loss was $9.4 million, or $0.09 loss per share, in the reported quarter compared to a non-GAAP net loss of $18.8 million, or $0.09 loss per share, in the year earlier corresponding quarter. Okta's earnings numbers were better than Wall Street's estimates for a loss of $0.16 per share.
Cash Matters
As of April 30, 2018, Okta's cash, cash equivalents, and short-term investments were $547.0 million. The Company's net cash provided by operations was $4.0 million, or 4.8% of total revenues, compared to cash used in operations of $9.7 million, or 18.5% of total revenues, in the year earlier same quarter. Okta's free cash flow was negative $1.6 million, or 1.9% of total revenues, in Q1 FY19 compared to negative $13.3 million, or 25.5% of total revenues, in Q1 FY18.
Financial Outlook
For the second quarter of the fiscal year 2019, Okta is forecasting total revenues to be in the range of $84 million to $85 million, representing a growth rate of 39% to 41% on a y-o-y basis. For the upcoming quarter, the Company is expecting non-GAAP operating loss to be in the band of $23 million to $22 million, and non-GAAP net loss per share to be in the range of $0.21 to $0.20, assuming shares outstanding of approximately 106 million.
For the full fiscal year 2019, Okta is projecting total revenues to be in the band of $353 million to $357 million, representing a growth rate of 38% to 39% on a y-o-y basis. The Company is expecting non-GAAP operating loss of $67 million to $62 million, and non-GAAP net loss per share of $0.58 to $0.54.
Stock Performance Snapshot
July 02, 2018 - At Monday's closing bell, Okta's stock dropped 1.17%, ending the trading session at $50.82.
Volume traded for the day: 826.20 thousand shares.
Stock performance in the last three-month – up 28.46%; previous six-month period – up 92.06%; past twelve-month period – up 125.87%; and year-to-date – up 98.44%
After last Monday's close, Okta's market cap was at $5.20 billion.
The stock is part of the Technology sector, categorized under the Technical & System Software industry.
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