Okta stock jumps 9% as earnings forecast more than doubles expectations

Okta Inc. topped Wall Street estimates by a wide margin late Wednesday and forecast adjusted earnings that were more than double what analysts on average had forecast.

Okta stock OKTA rallied as much as 9% after hours, following a 0.2% rise to close the regular session at $71.44. Okta reported a fourth-quarter loss of $153 million, or 95 cents a share, compared with a loss of $241 million, or $1.56 a share, in the year-ago period. After adjusting for stock-based compensation expenses and other items, the company reported earnings of 30 cents a share, compared with 18 cents a share in the year-ago period. Revenue rose to $510 million from $383 million in the year-ago quarter.

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