Okta showed its first report card to Wall Street since going public, and the Street was very pleased.
Shares of the cloud software company popped roughly 7% in after hours on Wednesday, after it reported financial results that topped analyst targets.
Okta’s Q1 revenue of $53 million was up 67% year-over-year, and above the $48 million expected by analysts. Excluding certain items, Okta said it lost $0.50 per share in the first three months of the year, lower than the average analyst expectation of a $0.62 per share loss.
The strong results sent the $2.3 billion company’s stock to a new high, two months after a successful IPO in which its stock soared 44% on the first day of trading. Okta’s software helps companies manage employee passwords for various cloud services.
Okta also offered a financial forecast for the current quarter and the full year that exceeded Wall Street targets.