{"id":18313,"date":"2022-03-03T05:33:11","date_gmt":"2022-03-03T05:33:11","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/03\/03\/shares-in-identity-and-access-management-firm-okta-drop-on-weak-outlook\/"},"modified":"2022-03-03T05:33:11","modified_gmt":"2022-03-03T05:33:11","slug":"shares-in-identity-and-access-management-firm-okta-drop-on-weak-outlook","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/03\/03\/shares-in-identity-and-access-management-firm-okta-drop-on-weak-outlook\/","title":{"rendered":"Shares in identity and access management firm Okta drop on weak outlook"},"content":{"rendered":"

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Shares Okta Inc. dropped in late trading after the identity and access management company reported an outlook under analysts\u2019 expectations in its latest earnings report.<\/p>\n

For the quarter ended Jan. 31, Okta reported a loss before costs such as stock compensation of $29 million, or 18 cents per share. That compares with an adjusted profit of $8 million, or six cents per share, a year ago. Revenue jumped 63% from the year-ago quarter, to $383 million.<\/p>\n

Analysts had expected<\/a> a loss of 24 cents per share on revenue of $360 million.<\/p>\n

For Okta\u2019s full fiscal year 2022, the company\u2019s adjusted loss came to $68 million, or 46 cents per share, compared with $16 million or 11 to 13 cents per share depending on stock dilution, the year prior. Total revenue rose 56%, to $1.3 billion.<\/p>\n

\u201cIdentity management is at the forefront of today\u2019s rapidly evolving security environment,\u201d Todd McKinnon, co-founder and chief executive of Okta, said in a statement<\/a>. \u201cToday, C-level executives and developers are increasingly turning to Okta to help provide their employees and customers the freedom to safely use any technology.\u201d<\/p>\n

At least analysts had expected the switch to a loss, but what they didn\u2019t see coming was the weak outlook.<\/p>\n

Looking forward, Okta said it expects an adjusted loss of 34 to 35 cents a share in its fiscal first quarter on revenue of $388 million to $390 million. For the full fiscal year 2023, Okta expects an adjusted loss of $1.24 to $1.27 per share on revenue of $1.78 billion to $1.79 billion.\u00a0Analysts had expected a full fiscal year profit of 49 cents per share on revenue of $1.75 billion.<\/p>\n

Although Okta beat revenue expectations, there was a significantly large gap between the loss analysts expected and what Okta is predicting.\u00a0That gap was noticed by investors, as Okta shares fell more than 6% in late trading.<\/p>\n

Photo: Okta<\/h5>\n
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