Okta up 17% after posting profit, revenue jump in Q3

Investing.com -- Shares of Okta Inc (NASDAQ: OKTA) surged 17% in after-hours trading on Tuesday after the digital-identity verification provider reported a quarterly profit and higher revenue

Revenue for the third quarter ended Oct. 31 rose 14% to $651 million, while net income was $17 million, compared to a loss of $81 million a year earlier.

“Our solid Q3 results were underpinned by continued strong profitability and cash flow,” said Todd McKinnon, Okta's Chief Executive Officer.

“The focused investments we’ve made in our partner ecosystem, the public sector vertical, and large customers are materializing in our business with each of these areas contributing meaningfully to top-line growth."

For the fourth quarter, Okta forecast total revenue between $667 million and $669 million, representing year-over-year growth of 10% to 11%.

The company also projected current remaining performance obligations (cRPO), a measure of backlog, to range between $2.13 billion and $2.135 billion, up 9% from a year ago.

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