Okta Inc. Reports Strong Q3 Results

Investing.com — Shares of Okta Inc (NASDAQ:OKTA) surged 17% in after-hours trading on Tuesday after the digital-identity verification provider reported a quarterly profit and higher revenue.

Revenue for the third quarter ended Oct. 31 rose 14% to $651 million, while net income was $17 million, compared to a loss of $81 million a year earlier.

> "Our solid Q3 results were underpinned by continued strong profitability and cash flow," said Todd McKinnon, Okta's Chief Executive Officer.

> "The focused investments we’ve made in our partner ecosystem, the public sector vertical, and large customers are materializing in our business with each of these areas contributing meaningfully to top-line growth."

For the fourth quarter, Okta forecast total revenue between $667 million and $669 million, representing year-over-year growth of 10% to 11%.

The company also projected current remaining performance obligations (cRPO), a measure of backlog, to range between $2.13 billion and $2.135 billion, up 9% from a year ago.