Okta Raises Annual Guidance After Top Q2 Earnings Estimates Amid New Business Wins by Investing.com

Investing.com — Okta raised its annual guidance after reporting better-than-expected guidance on Wednesday as a slew of new business wins boosted its backlog.

Okta Inc (NASDAQ: ) rose more than 4% in after-hours trading following the results.

The company reported adjusted second-quarter earnings of $0.72 per share on revenue of $646 million, beating Wall Street estimates for $0.61 on revenue of $632.6 million.

Current remaining performance obligation, or cRPO, a key metric that measures subscription stock expected to be recognized over the next 12 months, was $1.995 billion, up 13% from the second quarter of fiscal 2024.

Looking ahead to Q3, the company guided adjusted EPS in a range of $0.57 to $0.58 on revenue of $648 million to $650 million, compared with analysts’ estimates for

For fiscal 2024, the company now expects adjusted EPS of $2.58 to $2.63 up from its previous guidance of adjusted EPS of $2.35 to $2.40. Revenue is expected in the range of $2.555 billion to $2.565 billion, from $2.53 billion to $2.54 billion previously.