Okta lifts annual guidance after Q2 results top estimates amid new business wins

Investing.comAug 28, 2024 9:40 PM

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Investing.com -- Okta lifted its annual guidance after reporting Wednesday better-than-expected guidance as slew of new business wins bolstered its order backlog.

Okta Inc (NASDAQ:OKTA) was up more than 4% in afterhours trade following the results.

The company reported Q2 adjusted earnings of $0.72 a share on revenue of $646M, beating Wall Street estimates for $0.61 on revenue of $632.6M.

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

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

For fiscal 2024, the company now expects adjusted EPS between $2.58 and $2.63 up from prior guidance for adjusted EPS of $2.35 to $2.40. Revenue is expected in a range of $2.555B to $2.565B, from $2.53B to $2.54B previously.

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