Okta, Inc. (OKTA - Free Report) reported third-quarter fiscal 2019 adjusted loss of 4 cents per share that was much narrower than the Zacks Consensus Estimate of a loss of 11 cents and the year-ago quarter’s loss of 19 cents.
Revenues surged 57.8% from the year-ago quarter to $105.7 million. The figure also surpassed the consensus mark of $97 million.
Quarter Details
Subscription revenues (92.5% of total revenues) grew 57.9% year over year to $97.7 million. Professional services and other revenues (7.5%) surged 56.1% year over year to $7.9 million.
Total calculated billings for the quarter were $124 million, up 57.9% year over year due to better-than-expected bookings linearity. Trailing 12 months calculated billings came in at $434 million, up 59% year over year.
Total customer base increased 42% year over year to 5,600 mainly across enterprise customer base. Notably, Okta added 450 new customers during the quarter. The company’s ability to secure identities and digital assets across a variety of users and technologies helped it win customers.
Additionally, Okta Identity Cloud’s capability to consolidate all customer applications to a single-identity service without compromising security or stability is attracting customers. Companies like Deloitte and VMware along with the U.S. Department of State chose Okta’s identity solutions in third-quarter fiscal 2019.
Moreover, momentum in cloud, digital transformation and security is helping Okta retain long-time customers like Adobe (ADBE - Free Report) , Experian and Allergan and attract new customers like Major League Baseball.
Further, customers with more than $100,000 annual recurring revenues increased 55% year over year to 937 due to increase in up sell activities. During the quarter, Okta added 100 net new customers with over $100,000 annual recurring revenues.
Dollar based retention rate for the trailing 12 months ended Oct 31 was 120%. Moreover, headcount increased 29% year over year to 1473 to support business growth.
Okta, Inc. Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Okta, Inc. (OKTA - Free Report) reported third-quarter fiscal 2019 adjusted loss of 4 cents per share that was much narrower than the Zacks Consensus Estimate of a loss of 11 cents and the year-ago quarter’s loss of 19 cents.
Revenues surged 57.8% from the year-ago quarter to $105.7 million. The figure also surpassed the consensus mark of $97 million.
Quarter Details
Subscription revenues (92.5% of total revenues) grew 57.9% year over year to $97.7 million. Professional services and other revenues (7.5%) surged 56.1% year over year to $7.9 million.
Total calculated billings for the quarter were $124 million, up 57.9% year over year due to better-than-expected bookings linearity. Trailing 12 months calculated billings came in at $434 million, up 59% year over year.
Total customer base increased 42% year over year to 5,600 mainly across enterprise customer base. Notably, Okta added 450 new customers during the quarter. The company’s ability to secure identities and digital assets across a variety of users and technologies helped it win customers.
Additionally, Okta Identity Cloud’s capability to consolidate all customer applications to a single-identity service without compromising security or stability is attracting customers. Companies like Deloitte and VMware along with the U.S. Department of State chose Okta’s identity solutions in third-quarter fiscal 2019.
Moreover, momentum in cloud, digital transformation and security is helping Okta retain long-time customers like Adobe (ADBE - Free Report) , Experian and Allergan and attract new customers like Major League Baseball.
Further, customers with more than $100,000 annual recurring revenues increased 55% year over year to 937 due to increase in up sell activities. During the quarter, Okta added 100 net new customers with over $100,000 annual recurring revenues.
Dollar based retention rate for the trailing 12 months ended Oct 31 was 120%. Moreover, headcount increased 29% year over year to 1473 to support business growth.
Okta, Inc. Price, Consensus and EPS Surprise
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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