Okta Surpasses Q1 Estimates with $0.65 EPS, $617M Revenue; Raises Q2 and FY2025 Guidance

May 29, 2024, 08:17 PM

Okta Inc. reported strong Q1 earnings for 2024, surpassing analysts' expectations. The company achieved an adjusted EPS of $0.65, exceeding the estimated $0.55, and reported total revenue of $617 million, above the anticipated $604.34 million. This represents a 19% year-over-year increase in total revenue. Subscription revenue also saw a significant rise, reaching $603 million, up 20% from the previous year. Despite a GAAP operating loss of $47 million, this was an improvement from the $160 million loss in the same period last year. Okta has also raised its guidance for Q2 2025, projecting EPS between $0.60 and $0.61 and revenue between $631 million and $633 million, both above analysts' estimates. For the full fiscal year 2025, Okta expects EPS to range from $2.35 to $2.40 and revenue between $2.53 billion and $2.54 billion. In post-market trading, Okta's stock rose by 6%. The Non-GAAP EPS of $0.65 marked a significant improvement from $0.22 last year.