SAN FRANCISCO (AP) — Okta Inc. (OKTA) on Wednesday reported a loss of $29.5 million in its fiscal third quarter.
The San Francisco-based company said it had a loss of 27 cents per share. Losses, adjusted for stock option expense and amortization costs, came to 4 cents per share.
The results surpassed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of 11 cents per share.
The cloud identity management company posted revenue of $105.6 million in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $96.8 million.
For the current quarter ending in January, Okta expects its results to range from a loss of 9 cents per share to a loss of 8 cents per share.
The company said it expects revenue in the range of $107 million to $108 million for the fiscal fourth quarter.
Okta expects full-year results to range from a loss of 37 cents per share to a loss of 36 cents per share, with revenue ranging from $391 million to $392 million.
Okta shares have more than doubled since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $60.65, more than doubling in the last 12 months.