Okta stock plunges on Q4 loss, weak guidance – XNEWSNET


Okta (NASDAQ: OKTA) shares have plunged ~ 9% after the identity and access management firm reported its Q4 / FY22 earnings Wednesday (Mar. 02, 2022).

The company incurred an adj. non-GAAP net loss of – $ 29M in Q422, compared with $ 8M net income in Q421. Annual Non-GAAP net loss was – $ 68M, compared to non-GAAP net income of $ 16M for fiscal 2021.

On a GAAP basis, losses widened from – $ 76M in the prior year quarter to – $ 241M. FY22 GAAP was just lost – $ 848M vs. – $ 266M in FY21.

Q4 revenue, meanwhile, grew 63% Y / Y to $ 383M, with subscription revenue up 64% Y / Y to $ 369M. RPO, or subscription backlog, was $ 2.69B (+ 50% Y / Y) and current RPO was $ 1.35B (+ 60% Y / Y).

Okta ended the year with cash, cash equivalents, and short-term investments of $ 2.5B.

The firm issued a weak guidance, expecting Q123 revenue between $ 388- $ 390M vs. $ 374.90M consensus and non-GAAP net loss per share of – $ 0.35 to – $ 0.34 vs. – $ 0.20 consensus.

For FY23, it expects revenue between $ 1.78-1.79B vs. $ 1.75B consensus and non-GAAP net loss per share of – $ 1.27 to – $ 1.24 vs. – $ 0.49 consensus.