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Business

Okta expects revenue beat for Q4

Okta will also raise $300 million through the sale of senior notes.
Written by Jake Smith, Contributor on

Okta expects an operating loss of $11.3 million to $12.3 million and revenue of $77 million to $77.5 million for the fourth quarter of 2018, the company has said in its preliminary earnings guidance.

Total revenue for the quarter is expected to rise year-over-year 58 to 59 percent. In December, Okta said it expected revenue for the fourth quarter between $70 million to $71 million.

Analysts are expecting a net loss of 17 cents per share on revenue of $70.73 million. Shares rose more than two percent in after hours trading.

The San Francisco-based company, which went public on the NASDAQ market in April, also reported preliminary results for the fiscal year ended January 31, 2018. It expects an operating loss of $66.3 million to $67.3 million and revenue of $259.2 million to $259.7 million.

For the full year, analysts are expecting a net loss of 86 cents per share on revenue of $252.9 million

Okta said the preliminary results are based upon estimates and subject to completion of financial closing procedures.

Further, Okta announced Wednesday it will raise $300 million through the sale of senior notes in a private offering. Okta will also grant initial purchasers a 3-day option to purchase up to an additional $45 million.

Okta said it will release its final results for the fourth quarter and fiscal year 2018, along with its outlook for the first quarter and fiscal year 2019, after market close on March 7.

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