Okta Stock Pops. Earnings Topped Estimates and Guidance Was Impressive.

Okta, the identity-management software company, reported better-than-expected financial results and said it saw signs of stabilization in spending on information technology.CEO Todd McKinnon said in an interview that Okta saw much better than expected free cash flow in the quarter, along with top-line growth that was above both management’s forecasts and Wall Street estimates.

Non-GAAP profits were 31 cents a share, topping the range of 21 to 22 cents management had forecast and the Street consensus forecast of 22 cents. Under generally accepted accounting principles, Okta lost $111 million, or 68 cents a share. Guidance was impressive. For the October quarter, Okta sees revenue of $558 million to $560 million, up 16%, with non-GAAP profits of 29 to 30 cents a share. Street consensus estimates had called for $553 million of revenue and earnings of 20 cents a share.

Okta also disclosed that co-founder Frederic Kerrest, who stepped down as chief operating officer to take a sabbatical in November, won’t return to an operational role at the company, but will remain a board member. McKinnon said that Kerrest will focus on early-stage investing and philanthropy, while spending more time with his family.

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