Okta's shares rose 10% after the bell, after the company also raised its annual revenue and adjusted earnings forecast.
It also raised its revenue expectations for fiscal year 2024 to $2.21 billion to $2.21 billion from $2.18 billion to $2.19 billion earlier.
Subscription backlog, a measure of future revenue, rose 8% to $3.03 billion.
The identification software provider's revenue rose 23% in the second quarter from a year earlier to $556 million, beating expectations of $534.5 million.
Its peer Cyberark Software (CYBG.F) also topped quarterly revenue expectations in June, in a positive sign for the sector.
Persons:
Dado Ruvic, Okta, Arsheeya Bajwa, Krishna Chandra
Organizations:
REUTERS, Microsoft, Thomson
Locations:
San Francisco, Asia, Bengaluru