After adjusting for stock-based compensation expenses and other items, the company reported earnings of 22 cents a share, versus a loss of 27 cents a share a year before. Okta reported a first-quarter loss of $119 million, or 74 cents a share, compared with a loss of $243 million, or $1.56 a share, in the year-earlier period. Here’s how the Silicon Valley Bank failure is to blame. Read: Cybersecurity stocks are getting battered.
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Many young software companies that relied upon upsells and cross-sells faced a tougher time closing deals after the failure of many startups’ favorite bank. McKinnon listed concerns about interest rates, inflation and business spending being scrutinized more so than fallout from the failure of Silicon Valley Bank. Okta also hiked its outlook for the year, forecasting adjusted earnings of 88 cents to 93 cents a share on revenue of $2.18 billion to $2.19 billion, up from a previous forecast of 74 cents to 79 cents a share on revenue of $2.16 billion to $2.17 billion.
Shares dove more than 10% in after-hours, following a 0.9% gain to close the regular session at $90.90.įor the second quarter, Okta executives forecast adjusted earnings of 21 cents to 22 cents a share on revenue of $533 million to $535 million, while the Street expected 16 cents a share on revenue of $528.4 million, according to FactSet.
“We raised the guidance but we actually think the macro condition could get worse, so we’re being pretty conservative with our guidance,” McKinnon told MarketWatch.
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