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Oct 31, 2022
Okta Q3 2023 Earnings Report
Announced third quarter results with revenue growth and strategic focus on profitability.
Key Takeaways
Okta reported a 37% year-over-year increase in revenue for Q3 2023, with subscription revenue growing by 38%. The company is focused on go-to-market execution, spend efficiency, and increasing profitability.
Q3 revenue grew 37% year-over-year, reaching $481 million.
Subscription revenue increased by 38% year-over-year, totaling $466 million.
Remaining performance obligations (RPO) grew 21% year-over-year to $2.85 billion.
Current remaining performance obligations (cRPO) increased 34% year-over-year to $1.58 billion.
Okta
Okta
Okta Revenue by Segment
Revenue by Segment
Subscription Revenue
CapyFin.comProf. Services & Other Revenue
CapyFin.com Forward Guidance
For the fourth quarter of fiscal 2023, Okta expects total revenue of $488 million to $490 million, representing a growth rate of 27% to 28% year-over-year.
Positive Outlook
- Total revenue of $488 million to $490 million, representing a growth rate of 27% to 28% year-over-year
- Current RPO of $1.63 billion to $1.64 billion, representing a growth rate of 21% year-over-year
- Non-GAAP operating income of $15 million to $17 million
- Non-GAAP diluted net income per share of $0.09 to $0.10
- Assuming diluted weighted-average shares outstanding of approximately 175 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income