![](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/okta-team-rings-bell.jpg?w=738\")
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Okta reported its first quarterly results since going public in April. The company managed to surpass investors expectations and went up 5% in initial after-hours trading.<\/p>\n
Okta, which provides identity management software for businesses, brought in $53 million in revenue, a 67% increase from the same period last year. Investors had been forecasting $48 million.<\/p>\n
But losses increased from $22.8 million to $28.9 million in the same timeframe. Adjusted losses went from $19.3 million to $20 million, or 50 cents per share. Analyst were expecting negative 62 cents.<\/p>\n
\u201cWe will be profitable, it\u2019s just a matter of when,\u201d CEO Todd McKinnon said in a call with TechCrunch.<\/p>\n
But for now, Okta has \u201cbeen aggressively investing in growth,\u201d he said. \u201cWe\u2019re investing a ton in innovation and R&D to make new products for our customers.\u201d<\/p>\n
The company is forecasting between $55 million and $56 million in revenue for the second quarter of this year.<\/p>\n
But someday, \u201cwe want to do $500 million in revenue in a quarter,\u201d McKinnon said.<\/p>\n
Okta is part of a crowded marketplace, but they claim they are uniquely positioned to benefit customers. \u201cAll\u00a0the companies that compete with us, whether it\u2019s Salesforce or Microsoft, they have an agenda, they want a certain app to be used,\u201d said McKinnon.<\/p>\n
Shares closed Wednesday at $25.69. The company has a market cap of $2.3 billion.<\/p>\n
Featured Image: Okta<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"
![\"Okta](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/04\/okta-team-rings-bell.jpg?w=680\")
Okta reported its first quarterly results since going public in April. The company managed to surpass investors expectations and went up 5% in initial after-hours trading. Okta, which provides identity management software for businesses, brought in $53 million in revenue, a 67% increase from the same period last year. Investors had been forecasting $48 million. But losses increased from… Read More<\/a><\/p>\n\n<\/img><\/a>
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