Okta (OKTA) Q3 earnings 2024

Shares of Okta popped greater than 18% in prolonged buying and selling Tuesday after the id administration firm launched third-quarter outcomes that beat analysts’ estimates and provided rosy steerage.

Here is how the corporate did:

Earnings per share: 67 cents adjusted vs. 58 cents anticipated by LSEGRevenue: $665 million vs. $650 million anticipated by LSEG

Okta helps firms handle workers’ entry to purposes or gadgets with options similar to single sign-on and multifactor authentication. The corporate swung to profitability, reporting web revenue of $16 million, or 9 cents per share, in the course of the quarter, in contrast with a web lack of $81 million, or 49 cents per share, in the identical interval final 12 months.

Income elevated 14% from $569 million a 12 months in the past, in line with a launch. The corporate reported $651 million in subscription income for the quarter, beating the $635 million common analyst estimate, in line with Avenue Account.

“Our strong Q3 outcomes have been underpinned by continued sturdy profitability and money movement,” Okta CEO Todd McKinnon stated in an announcement. “The targeted investments we have made in our companion ecosystem, the general public sector vertical, and huge clients are materializing in our enterprise with every of those areas contributing meaningfully to top-line development.”

For the fourth quarter, Okta stated it expects to report income between $667 million and $669 million, topping the $651 million common estimate, in line with LSEG. The corporate expects to report earnings of 73 cents to 74 cents per share for the interval, which additionally exceeded estimates.

Previous to the shut, Okta shares have been down 10% for the 12 months, whereas the Nasdaq is up 30% over that stretch.

Okta will host its quarterly name with buyers at 5 p.m. ET. 

WATCH: CNBC’s full interview with Okta CEO Todd McKinnon