Okta Shares Rally On Strong Subscription Revenue Growth

Shares of Okta rose in Wednesday's extended session after the software company posted a strong growth in subscription revenue in its first quarter as a public company. Okta reported a loss of $28.9 million, or 73 cents a share, compared with a loss of $22.8 million, or $1.22 a share, a year earlier. On an adjusted basis, the company would have lost 50 cents a share. Revenue grew 67% to $53 million and subscription revenue jumped by 75%. Analysts surveyed by FactSet had forecast a loss of 23 cents a share on revenue of $67.7 million. Okta projected second-quarter adjusted loss of 25 cents to 26 cents a share and a loss of $1.11 to $1.15 a share for the full year. Okta rallied 4.9% after hours.