Okta Inc (NASDAQ: OKTA) stock rose 23.5% 7 Sep, (as of 11:13 AM GMT-4 ; Source: Google finance) after the company reported a narrower-than-expected adjusted quarterly loss and revenue topped views. Net cash used in operations was $5.3 million, or 5.6% of total revenue, compared to cash used in operations of $6.2 million, or 10.4% of total revenue, in the second quarter of fiscal 2018. Free cash flow was negative $11.3 million, or 12.0% of total revenue, compared to negative $10.5 million, or 17.4% of total revenue, in the second quarter of fiscal 2018. Cash, cash equivalents and short-term investments were $536.3 million as of July 31, 2018.

OKTA in the second quarter of FY 19 has reported the adjusted earnings per share of 15 cents, beating the analysts’ estimates for the adjusted loss per share of 19 cents. The company had reported the adjusted revenue growth of 57 percent to $94.6 million in the second quarter of FY 19, beating the analysts’ estimates for revenue of $85 million. Subscription revenue was $87.9 million, an increase of 59% year-over-year.

Moreover, the company also had a record quarter in terms of customer growth, especially and customers with over $100,000 of ARR, which grew 55% year-over-year. First, an existing Okta customer at 21st Century Fox is using Okta as a key part of its Zero Trust architecture to manage access for more than 30,000 employees and thousands of partners globally. NTT Data services, a top 10 global IT services provider, was another new customer win in the quarter. They selected Okta to rework their identity platform as their existing solution couldn’t scale quickly to keep pace with their growth, particularly in M&A scenarios and for supporting their remote workforce. NTT selected Okta for SSO universal directory, lifecycle management and adaptive multifactor authentication. Further, the company also added one of the world’s largest asset management companies as a new customer in both customer and employee identity management this quarter. They selected Okta for two key initiatives; one, to help modernize their customer facing portals and provide better experience for their international customers; and two, to secure and expedite adoption of technology to help make their 15,000 employees more productive

OKTA expects revenue to be between $372 million and $375 million for fiscal 2019 compared to the consensus revenue estimate of $357.15 million. The adjusted per-share loss is expected to be between 48 cents and 46 cents for the year compared to the Thomson Reuters consensus earnings per share estimate of ($0.56).