Shares of Okta rose nearly 7% at the opening bell on Friday, rising $7.12 to $113.72 on the Nasdaq Stock Market after the company posted a net loss of $52 million, or 46 cents a share, compared to $26 million, or 25 cents a share, in its first quarter of fiscal 2019.
On a non-GAAP basis, the company lost $21.4 million, or 19 cents a share, vs. $9.4 million, or 9 cents a share, in the year-earlier period. Wall Street analysts had been anticipating a loss of 21 cents a share.
Revenue came in at $125.2 million vs. $83.6 million a year ago. Subscription revenue, which accounts for the bulk of Okta's revenue stream, was $117.2 million vs. $76.8 million in the comparable year-earlier period.
- Real Money Pro. Okta Could Pull Back Before Rallying to New Highs
For the second quarter of fiscal 2020, the company currently expects to post a non-GAAP loss per share of between 10 cents and 11 cents, narrower than analysts' current forecasts of a 14-cent per-share loss, on revenue of between $130 million and $131 million.
For the full fiscal year, it expects to post a non-GAAP per-share loss of between 45 cents and 49 cents vs. analysts' current forecasts of a per-share loss of 49 cents, on revenue of between $543 million and $548 million.
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