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Okta’s slog up and out of financial mire continues in Q2, maybe the whole year

Okta’s slog up and out of financial mire continues in Q2, maybe the whole year

Executives with digital ID verification company Okta say its second- and third-quarter revenue will tug the fiscal year a bit higher.

First, a look at new revenue guidance for the fiscal 2024, ending in December, and the third quarter, ending in October.

The company has revised its anticipated fiscal 2023 revenue total to between $2.21 billion and $2.22 billion – 1.8 percent to 1.4 percent, respectively, higher than its previous guidance to the market.

That would be roughly $35 million in new revenue for the year.

According to reporting by investment news service MarketWatch, business-analysis firm FactSet expects fiscal 2024 revenue to be $2.18 billion, at the far high end of what the subscription-and-service company had originally predicted.

Okta executives are telling market analysts and investors they think third-quarter revenue to grow 16 percent, to $560 million.

MarketWatch reports that analysts in aggregate anticipate revenue of $552.9 million in the quarter.

The second quarter, which closed July 31, was an improvement for revenue compared to the same period last year.

Executives closed the quarter with an unaudited $556 million, up from $452 million a year ago. (Related: Okta has a new executive: Ajay Advani, VP of partner and alliances in Asia-Pacific and Japan, shortly after appointing a VP of Presales for the region.)

The profit and loss record is muddled because executives are emphasizing one interpretation of performance over another – the one that shows a profit for Okta.

According to GAAP figures (which all U.S. public companies must report to avoid making performance comparisons deliberately hard to make), the company had a second quarter loss of $111 million, or $0.68 per basic and diluted share, compared to a loss of $210 million, $1.34 per share.

Using non-GAAP figures (which can include important metrics that aren’t included in the GAAP standards), Okta reported a per-share profit of $0.34 basic and $0.31 diluted, compared to a loss of $0.10 basic and diluted for the second quarter of 2023.

The company’s market expansion includes the recent addition of digital identity authentication from Worldcoin to the Auth0 marketplace.

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