Okta Inc (NASDAQ:OKTA) stock rose 8.02% (As on June 3, 11:42:23 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 23. Subscription revenue was $398 million, an increase of 66% year-over-year. RPO, or subscription backlog, was $2.71 billion, an increase of 43% year-over-year. cRPO, which is contracted subscription revenue expected to be recognized over the next 12 months, was $1.41 billion, up 57% compared to the first quarter of fiscal 2022. Total calculated billings was $389 million, an increase of 7% year-over-year. Non-GAAP operating loss was $41 million, or 10% of total revenue, compared to non-GAAP operating loss of $16 million, or 6% of total revenue, in the first quarter of fiscal 2022. Non-GAAP net loss was $43 million, compared to non-GAAP net loss of $13 million in the first quarter of fiscal 2022. Net cash provided by operations was $19 million, or 5% of total revenue, compared to net cash provided by operations of $56 million, or 22% of total revenue, in the first quarter of fiscal 2022. Free cash flow was $11 million, or 3% of total revenue, compared to $53 million, or 21% of total revenue, in the first quarter of fiscal 2022. Cash, cash equivalents, and short-term investments were $2.49 billion at April 30, 2022.

OKTA in the first quarter of FY 23 has reported the adjusted loss per share of 27 cents, beating the analysts’ estimates for the adjusted loss per share of 34 cents. The company had reported the adjusted revenue growth of 65 percent to $415 million in the first quarter of FY 23, beating the analysts’ estimates for revenue of $389.05 million.

Okta, Inc. expects Q2 2023 revenue to be in the range of $428-430 million, versus the consensus of $422.25 million. They see a Non-GAAP net loss of ($0.32)-($0.31), versus the consensus of ($0.33). For the second quarter of fiscal 2023, the Company expects Current RPO of $1.48 billion to $1.49 billion, representing a growth rate of 35% to 36% year-over-year and Non-GAAP operating loss to be of $44 million to $43 million.

Okta, Inc. expects FY2023 revenue to be in the range of $1.805-1.815 million, versus the consensus of $1.78 million. They see Non-GAAP net loss per share of ($1.14)-($1.11), versus the consensus of ($1.25). For the full year fiscal 2023, the Company now expects Non-GAAP operating loss to be in the range of $167 million to $162 million.