Okta shares surged 14 percent on Thursday after the cloud software company reported a narrower loss than analysts’ expected and raised its revenue guidance for the year.
Salesforce and Workday. Okta, which sells identity management software, also said it was cash flow positive for the first time.
Okta lost 4 cents per share in the quarter, excluding some items, compared to the 11-cent average analyst estimate, according to Refinitiv. Revenue climbed 58 percent to $105.6 million, also topping estimates and the company’s own guidance.
For the full year of fiscal 2019, Okta said it now expects revenue of $391 million to $392 million, an increase over its prior expectation for sales for $372 million to $375 million.