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Here's What Key Metrics Tell Us About Okta (OKTA) Q1 Earnings

Okta (OKTA) reported $518 million in revenue for the quarter ended April 2023, representing a year-over-year increase of 24.8%. EPS of $0.22 for the same period compares to -$0.27 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $510.58 million, representing a surprise of +1.45%. The company delivered an EPS surprise of +83.33%, with the consensus EPS estimate being $0.12.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

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Here is how Okta performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

  • Gross margin- Subscription: 76% compared to the 79.94% average estimate based on nine analysts.

  • Gross margin- Professional services and other: -38% versus -2.73% estimated by eight analysts on average.

  • Remaining performance obligations: $2.94 billion compared to the $3.07 billion average estimate based on seven analysts.

  • Current remaining performance obligations: $1.70 billion versus $1.68 billion estimated by six analysts on average.

  • Revenue- Subscription: $503 million compared to the $491.32 million average estimate based on 12 analysts. The reported number represents a change of +26.4% year over year.

  • Revenue- Professional services and other: $15 million compared to the $16.37 million average estimate based on 12 analysts. The reported number represents a change of -11.8% year over year.

View all Key Company Metrics for Okta here>>>

Shares of Okta have returned +29.6% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.

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