Overview

• Okta reported Q1 revenue of $688 million and adjusted earnings of $0.86 per share, topping analyst expectations.
• Remaining performance obligations climbed 21% year-over-year to $4.08 billion, underscoring subscription growth.
• Adjusted operating margin expanded by 500 basis points to 27%, reflecting improved efficiency.
• Management forecast second-quarter revenue of $710 million to $712 million and full-year sales of $2.85 billion to $2.86 billion while factoring in economic headwinds.
• Shares dropped to $108.58 in trading, and analysts from Jefferies, Barclays and others cut price targets on the stock.