Octa (OKTA) reported second-quarter results late Wednesday that beat top-line and bottom-line estimates, as well as the outlook. But Okta shares fell in after-hours trading.
The cybersecurity software company reported an adjusted loss of 10 cents per share on revenue of $452 million. Analysts had expected Okta to post a loss of 31 cents per share on revenue of $430.7 million.
Okta shares fell 7.7% to 84.30 in after-hours trading on the stock market today.
The company expects third-quarter revenue in the range of $463 million to $465 million. The midpoint of $464 million was in line with the consensus. He expects an adjusted loss in the range of 24 cents to 25 cents. Okta stock analysts expected a loss of 28 cents.
Okta’s cybersecurity software monitors and manages privileged accounts. Hackers often target employees or management with administrative access to company computer systems.
Okta Stock: Refining the go-to-market strategy
“Looking into the second half of the fiscal year, we are focused on refining the go-to-market strategy for the combined Auth0 and Okta business organization, strengthening our teams and making strategic cost reductions to improve profitability,” Okta CEO Todd McKinnon said in written notes to the earnings announcement.
Please follow Brian Deagon on Twitter at @IBD_BDeagon for more information on technology stocks, analysis and financial markets.
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