2 Bright Spots in Okta's Earnings Report
There's a once-in-a-century pandemic happening in the world, but you wouldn't know it from looking at Okta's (NASDAQ: OKTA) latest earnings numbers.
The cloud-based identity and security specialist has been steady as a rock as the company continues to deliver strong revenue growth and increasing cash flow like clockwork.
In the third quarter, revenue rose 42% to $217.4 million, well ahead of estimates at $202.7 million. Its remaining performance obligations, essentially its backlog, jumped 53% to $1.58 billion, a sign that bookings are growing even faster than revenue and a bullish signal for long-term growth. On the bottom line, adjusted earnings per share improved from a loss of $0.03 to a profit of $0.04, topping expectations of a loss of a penny per share, and it recorded free cash flow of $41.6 million, up from $9.2 million a year ago.
Source Fool.com
