Okta, Inc should post a first-quarter 2024 profit of $0.12 per share when the cloud identity management company announces its latest financial results after the market close on Wednesday, May 31, 2023, according to the Zacks Consensus Estimate.
It would represent earnings per share (EPS) growth of more than 144% from the same period last year, with 76.3% of investors expecting its EPS to surpass expectations as the Earnings Whisper number is $0.18 per share.
Okta's guidance was for earnings of $0.11 to $0.12 per share on revenue of $509 million to $511 million.
In March, the company reported better-than-expected 4Q top and bottom line results, generating adjusted earnings of $0.30 per share on a 33% year-over-year increase in revenue to $510 million.
The Wall Street forecast had been for an adjusted profit of $0.10 a share on revenue of $489 million.
On February 2, Okta announced that it was cutting 5% of its workforce, or about 300 people, saying the decision was “very difficult,” but the company had no choice.
Company CEO Todd McKinnon added that the layoffs were the result of Okta overestimating demand in 2023.
Shares of Okta gained 4% to close at $88.10 on Friday, while its stock has surged more than 26% year to date.
Contact Sean at sean@proactiveinvestors.com