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Okta stock takes nosedive despite beating earnings estimates

Yahoo Finance

Okta stock drops despite the company beating earnings expectations. Yahoo Finance Live’s Rachelle Akuffo breaks down Okta's earnings report and why the stock took a dive.

Video transcript

[MUSIC PLAYING]

RACHELLE AKUFFO: All right, taking a look now at OKta shares, tumbling this morning. The company reported $518 million in revenue. That's a 24.8% increase year over year, which beat Wall Street's expectations. The company also emphasized its record operating cash flow of $129 million and free cash flow of $124 million.

So why is the stock taking a dive? Well, in a statement, OKta CEO Todd McKinnon said that while the company is well positioned for growth in the technology sector, investors should note of increasing macroeconomic headwinds and that they were most notable in new business across SMB and enterprise. Stock being punished as a result.