Okta beats Q1 expectations
Okta published its first quarter fiscal 2019 financial results on Wednesday, beating market expectations.
The identity and device management firm posted a non-GAAP loss of 9 cents per share, compared to 47 cents in the first quarter of fiscal 2018. Revenue came to $83.6 million, up 60 percent year-over-year.
Wall Street was looking for a loss of 16 cents per share on revenue of $78.84 million.
The bulk of Okta's revenue comes from subscription services, which brought in $76.8 million in Q1, an increase of 59 percent year-over-year. Okta's Q1 operating cash flow margin improved 23 percent year-over-year, and free cash flow margin improved 24 percent. Okta COO Frederic Kerrest told ZDNet that the company is aiming to be cash flow positive by the end of the fiscal year.
In a statement, CEO Todd McKinnon touted "the strategic importance of identity and Okta's value as an independent and neutral cloud platform."
Okta grew its customer base in Q1 to over 4,700, with the number of customers paying over $100,000 growing 52 percent year-over-year to 747.
In another sign of the company's growth, Okta announced it's opening new offices in Washington, DC, Paris and Stockholm.