Okta (
OKTA) - Get Report was falling Thursday after posting a wider first-quarter loss and announcing the departure of its chief financial officer, but analysts were generally sticking with the identity-verification company.
Shares of the San Francisco company at last check were down 11% to $218.88.
Okta posted an adjusted net loss of $13 million, or 10 cents a share, compared with a year-earlier adjusted net loss of $7 million, or 6 cents a share. Revenue rose 37% from a year earlier to $251 million.
The FactSet consensus called an adjusted net loss of 20 cents a share on revenue of $239 million.
The company said CFO Mike Kourey is stepping down. Brett Tighe, Okta’s senior vice president of finance and treasurer, has been named interim CFO while the company conducts a search for a permanent successor.
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Okta Inc (NASDAQ: OKTA), the San Francisco-headquartered identity management platform, reported Q1 revenue of $251 million, a 37% year-over-year increase, as well as a net loss of $109.2 million, compared to a net loss of $58 million one year earlier. The Q1 per-share basis loss was 83 cents.
For the Q2 earnings, the company projected total revenue of $295 million to $297 million, a growth rate of 47% to 48% year-over-year, along with a non-GAAP operating loss of $55 million to $53 million and a net loss per share of 36 cents to 35 cents. For the full-year fiscal year, total revenue is projected in the range of $1.21 billion to $1.22 billion, a growth rate of 45% to 47% year-over-year, with a non-GAAP operating loss of $172 million to $167 million.
Okta Is Now Ready to Rally Here s what our look at the cybersecurity company s charts reveals. Stocks quotes in this article: OKTA
For his second Executive Decision segment of
Mad Money Wednesday night, Jim Cramer spoke with Todd McKinnon, chairman and CEO of Okta (OKTA) , the cybersecurity company that just posted 37% revenue growth.
McKinnon said you need a strong identity management system at the heart of your security plan and that s what Okta provides. Identity is proving to be a challenge for many companies, he said, which is why we re seeing so many attackers exploit legacy systems.
The good news is that companies are rapidly moving to the cloud and deploying modern systems that are built on a zero-trust principle.
Okta Earnings Will Feature a Big Update to the 2021 Forecast fool.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fool.com Daily Mail and Mail on Sunday newspapers.