File photo of Todd McKinnon, CEO of Okta Inc.
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shares Okta It jumped more than 18% in extended trading Tuesday after the identity management company released third-quarter results that beat analyst estimates and provided rosy guidance.
Here's how the company did:
Earnings per share: 67 cents adjusted vs. 58 cents expected from LSEG Revenue: $665 million vs. $650 million expected from LSEG
Okta helps companies manage employee access to apps or devices with features like single sign-on and multi-factor authentication. The company turned profitable, recording net income of $16 million, or 9 cents per share, during the quarter, compared to a net loss of $81 million, or 49 cents per share, in the same period last year.
Revenue rose 14% from $569 million a year ago, according to the release. The company reported $651 million in subscription revenue for the quarter, beating analysts' average estimate of $635 million, according to Street Account.
“Our strong third-quarter results were supported by continued strong profitability and cash flow,” Okta CEO Todd MacKinnon said in a statement. “The focused investments we have made in our partner ecosystem, public sector, and large clients are being embodied in our business with each of these areas contributing meaningfully to overall growth.”
For the fourth quarter, Okta said it expects revenue between $667 million and $669 million, beating the median estimate of $651 million, according to LSEG. The company expects to report earnings of 73 cents to 74 cents per share for the period, also beating estimates.
Before the close, Okta shares were down 10% for the year, while the Nasdaq was up 30% during that stretch.
Okta will host its quarterly call with investors at 5 p.m. ET.
Watch: CNBC's full interview with Okta CEO Todd McKinnon
