Okta, Inc. has recently released its 10-Q report, providing a detailed insight into its financial performance and operations. The company operates as an identity partner, offering a suite of products and services to manage and secure identities, including Single Sign-On, Adaptive Multi-Factor Authentication, API Access Management, and more. As of April 30, 2024, Okta had over 19,100 customers across various industries.
In the 10-Q report, Okta discussed its financial condition and results of operations. The company's revenue for the three months ended April 30, 2024, was $617 million, representing a 19% increase from the same period in 2023. Subscription revenue accounted for 98% of the total revenue, amounting to $603 million, reflecting a 20% increase from the previous year. Professional services and other revenue totaled $14 million, down 2% from the same period in 2023.
The cost of revenue for the three months ended April 30, 2024, was $148 million, resulting in a gross profit of $469 million, compared to $376 million in the same period in 2023. Okta's operating expenses for the three months ended April 30, 2024, totaled $516 million, slightly lower than the $536 million reported for the same period in 2023.
The company reported an operating loss of $47 million for the three months ended April 30, 2024, an improvement from the operating loss of $160 million in the same period in 2023. The net loss for the three months ended April 30, 2024, was $40 million, compared to a net loss of $119 million in the same period in 2023.
Okta highlighted the impact of cybersecurity incidents and economic conditions on its business operations and financial results in the 10-Q report. The company also provided a breakdown of its revenue, cost of revenue, gross margin, and operating expenses, offering a comprehensive analysis of its financial performance.
Following these announcements, the company's shares moved -7.7%, and are now trading at a price of $88.98. For the full picture, make sure to review Okta's 10-Q report.
