Stock to watch: Okta Inc (NASDAQ: OKTA)

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Okta Inc (NASDAQ: OKTA) stock fell over 5.8% on June 7th, 2018 (as of 2:30 PM GMT-4; Source: Google finance) as in the first quarter of FY 19 the firm reported the adjusted loss per share of 9 cents. The company had reported the adjusted revenue growth of 60 percent to $83.6 million in the first quarter of FY 19.

Moreover, in the first quarter of FY 19, net cash provided by operations was $4.0 million, or 4.8% of total revenue, compared to cash used in operations of $9.7 million, or 18.5% of total revenue, in the first quarter of FY18. Free cash flow was negative $1.6 million, or 1.9% of total revenue, compared to negative $13.3 million, or 25.5% of total revenue, in the first quarter of FY18. Cash, cash equivalents and short-term investments were $547.0 million as of April 30, 2018.

Additionally, OKTA has grown its customer base to more than 4,700 organizations, with new clients including the City of Oakland, Leicester City Football Club and Warner Music Group signing on to use its Identity Cloud. Okta has also extended its existing deployments with the likes of Docker Inc. and Palo Alto Networks Inc. The number of customers paying over $100,000 per year also grew 52 percent year-over-year.

For the second quarter of 2019, OKTA expects total revenue to be in the range of $84 to $85 million, representing a growth rate of 39 to 41% year-over-year. Non-GAAP operating loss is expected to be in the range of $23 to $22 million. Non-GAAP net loss per share is expected to be in the range of $0.21 to $0.20, assuming shares outstanding of approximately 106 million for Q2 2018

For the full fiscal 2019, OKTA expects the total revenue to be in the range of $353 to $357 million, representing a growth rate of 38 to 39% year-over-year. Non-GAAP operating loss is expected to be in the range of $67 to $62 million. Non-GAAP net loss per share is expected to be in the range of $0.58 to $0.54, assuming shares outstanding of approximately 107 million

Meanwhile, OKTA has today announced the continued expansion of its U.S. and European operations with new offices in Washington, D.C., Paris and Stockholm. Further, Okta is doubling its footprint in San Jose, Calif., supporting its priority to make customers successful with the best and brightest talent in the technology sector

 

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