Tech stock under pressure: Okta Inc (NASDAQ: OKTA)

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Okta Inc (NASDAQ: OKTA) stock lost over 1.6% in the pre-market session of May 29th, 2020 (Source: Google finance) after the company posted lower than expected results for its fiscal first quarter. Okta has reported a loss of $57.7 million, compared to a loss of $52 million, in the year-ago quarter. Total calculated billings rose 42% and the current calculated billings rose 41%. The company has generated record cash flow from operations and free cash flow of $39 million and $30 million, respectively, which yielded a 16% free cash flow margin.

OKTA in the first quarter of FY 21 has reported the adjusted loss per share of 7 cents, beating the analysts’ estimates for the adjusted loss per share of 18 cents, according to analysts surveyed by FactSet. The company had reported the adjusted revenue growth of 46 percent to $182.9 million in the first quarter of FY 21, beating the analysts’ estimates for revenue of $171.8 million. This is driven by a 48% increase in subscription revenue.

For the second quarter of fiscal 2021, the Company expects the total revenue to be in the range of $185 million to $187 million, representing a growth rate of 32% to 33% year-over-year. Non-GAAP operating loss is expected to be in the range of $5.0 million to $4.0 million. Non-GAAP net loss per share is expected to be in the range of $0.02 to $0.01, assuming weighted shares outstanding of approximately 125 million

For the full year fiscal 2021, the Company now expects the total revenue to be to be in the range of $770 million to $780 million, representing a growth rate of 31% to 33% year-over-year. Non-GAAP operating loss is expected to be in the range of $37.0 million to $30.0 million. Non-GAAP net loss per share is expected to be in the range of $0.23 to $0.18, assuming weighted shares outstanding of approximately 125 million.

Meanwhile, the company has integrated with Amazon Web Services Single Sign-On (AWS SSO), that will offer Okta customers with improved security, user experience, and provisioning capabilities. During Oktane, the company had also announced important new strategic technology partnerships with leading endpoint protection and management providers, VMware Carbon Black, CrowdStrike and Tanium. The new integration partnerships is expected to provide a broad set of device risk signals to the Okta Identity Cloud, enabling enterprises to combine endpoint risk detection with user identity to deliver unparalleled security and open the door to really innovative ways to deliver on the promise of Zero Trust Security.

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