Okta, Inc. (OKTA) stock went up by a mere 1.52% in the aftermarket, at $201.10 on December 01. In regular trading the stock fell by 7.97% to lose $17.15, closing at $198.08 with 3.02 million shares exchanging. The day’s range for the stock was $196.78 to $219.50, while in the 52-week range the stock moved between $196.78 and $294.00. On average, the stock has been traded at a volume of 1.44 million shares in the market. In the past five days, OKTA stock has lost 9.79% and 22.09% in the past one month. While it has gone down by 13.96% in the past year. Further, the market capitalization of the stock’s 147.62 million outstanding shares is $33.29 billion.
On Wednesday, the company posted its third-quarter financial results which led the stock to gain mildly late in the after hours.
Okta, Inc. (OKTA)
Founded in 2009, Okta, Inc. was formerly known as Saasure Inc. It provides an identity management platform for enterprises, small and medium-sized businesses, universities, non-profits, and government agencies. The company provides its services in the U.S. as well as internationally. Okta offers various products like its Okta Identity Cloud, Multifactor Authentication, Lifecycle Management, API Access Management, Advance Server Access, and Access Gateway.
Okta, Inc. (OKTA) is headquartered in San Francisco, California.
What Happened in the Afterhours?
While the stock was already in a decline in regular trading on Wednesday, posting the Q3 results did not help it much. Even after the company announced better than expected financial results, OKTA stock still continued falling in the after hours. It was only near the final close of the market that the stock did see some small gain. The stock barely managed to enter green late in the after-hours as the investors did not seem impressed by the earnings.
OKTA Q3 Earnings
On December 01, Okta, Inc. announced financial results for its third quarter ended October 31, 2021. As per the Q3 of fiscal 2022, the total revenue was $351 million, beating the consensus estimate of 327.1 million. The quarter’s revenue showed growth of 61% year-over-year. Moreover, the company’s subscription revenue was $337 million for the quarter, growing 63% year-over-year.
Further, the third quarter of fiscal 2022, saw a non-GAAP net loss of $11 million, against non-GAAP net income of $6 million in the year-ago period. Consequently, the non-GAAP net loss per basic and diluted share was $0.07 for the Q3 of fiscal 2022. While the consensus estimate was $0.238 net loss per share.
