Okta Inc (NASDAQ: OKTA) has been a top performer for the better part of 2019. Looking at its performance in the last 52-weeks, the stock is up 87.34%. A week ago, the company released its Q3 earnings, and they were higher than consensus analyst estimates.
In the quarter, the company reported an adjusted EPS loss of 7 cents. This is lower than the analyst consensus estimate of $0.12. The company also announced that, total revenues in the quarter rose by 45% compared to a similar quarter in the last financial year, and stood at $153 million. This beat analyst expectations by 7%.
The company attributed this growth to a strong growth in subscriber numbers. In Q3, the company’s subscription numbers grew by 47.9% compared a similar period in the last financial year. This represented 94.4% of the company’s total revenues. Other revenue sources increased too when compared to a similar period in the last financial year. The company announced that, professional services revenues grew by 8.1% year-over-year to hit $8.5 million.
The company also recorded growth in revenues in all the geographic locations where it operates. In Q3, it recorded a 46.1% increase in revenues in the U.S market, representing an 84.9% of the total revenues. Outside the U.S, the company recorded a 35.3% growth in revenues, as they hit $23 million. This represented 15% of all of the company’s total revenues.
Besides its quarterly results, investors will be looking forward to this company’s presentation at the 22nd annual Needham growth conference. On the 12th of December, the company announced that, its CFO will be presenting at this event on the 15th of January, 2020.
Looking at its price action, the stock was trading between $113.85 and $117.22, before closing the day at $116.69. Volumes in the day stood at 1.29 million.
About Okta Inc
Okta Inc provides identity solutions to enterprises and government agencies. The company is headquartered in San Francisco, California.