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For the fiscal first quarter, Okta anticipates non-GAAP net loss in the range of 35-34 cents per share. The Zacks Consensus Estimate for loss has remained steady at 34 cents per share over the past 30 days.
Okta expects revenues in the range of $388-$390 million, indicating growth of 55% from the year-ago period’s reported figure. The Zacks Consensus Estimate for revenues is pegged at $388.98 million, indicating an increase of 54.97% from the year-ago quarter’s reported figure.
Okta’s earnings beat the Zacks Consensus Estimate in the trailing four quarters, the average surprise being 53.29%.
Let’s see how things have shaped up for Okta prior to this announcement:
Factors to Consider
Okta’s first-quarter fiscal 2023 results are expected to reflect benefits of increased use cases of identity solutions.
Okta Identity Cloud’s capability to consolidate and easily integrate existing applications without compromising security or stability is attracting customers. Okta products’ ability to automate process, secure data and reduce costs is also a positive.
Adoption of Okta’s Auth0 solution is expected to have remained strong in the to-be-reported quarter.
Demand for Okta’s solutions has remained strong due to digital transformation projects and the adoption of Zero Trust security. The company has been winning contracts in the public sector as well as from enterprises like Block. The momentum is expected to have continued in the to-be-reported quarter.
What Our Model Indicates
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.
Okta has an Earnings ESP of -1.74% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are a few companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
Samsara is scheduled to release first-quarter fiscal 2023 results on Jun 2. IOT shares have been down 59.1% year to date (YTD) compared with the Zacks Computer & Technology sector’s decline of 24.2%.
Designer Brands (DBI - Free Report) has an Earnings ESP of +4.35% and a Zacks Rank #2. Designer Brands is scheduled to release first-quarter 2022 results on Jun 2.
DBI shares have been down 10.6% YTD compared with the Zacks Retail Wholesale sector’s fall of 23.5% over the same period.
Commercial Metals (CMC - Free Report) has an Earnings ESP of +8.63% and a Zacks Rank #2. Commercial Metals is scheduled to release third-quarter fiscal 2022 results on Jun 16.
CMC shares have been up 14% YTD compared with the Zacks Basic Materials sector’s gain of 5.6% over the same period.
Image: Bigstock
OKTA Gears Up to Report Q1 Earnings: What's in the Cards?
Okta, Inc. (OKTA - Free Report) is set to report first-quarter fiscal 2023 results on Jun 2.
For the fiscal first quarter, Okta anticipates non-GAAP net loss in the range of 35-34 cents per share. The Zacks Consensus Estimate for loss has remained steady at 34 cents per share over the past 30 days.
Okta expects revenues in the range of $388-$390 million, indicating growth of 55% from the year-ago period’s reported figure. The Zacks Consensus Estimate for revenues is pegged at $388.98 million, indicating an increase of 54.97% from the year-ago quarter’s reported figure.
Okta’s earnings beat the Zacks Consensus Estimate in the trailing four quarters, the average surprise being 53.29%.
Okta, Inc. Price and EPS Surprise
Okta, Inc. price-eps-surprise | Okta, Inc. Quote
Let’s see how things have shaped up for Okta prior to this announcement:
Factors to Consider
Okta’s first-quarter fiscal 2023 results are expected to reflect benefits of increased use cases of identity solutions.
Okta Identity Cloud’s capability to consolidate and easily integrate existing applications without compromising security or stability is attracting customers. Okta products’ ability to automate process, secure data and reduce costs is also a positive.
Adoption of Okta’s Auth0 solution is expected to have remained strong in the to-be-reported quarter.
Demand for Okta’s solutions has remained strong due to digital transformation projects and the adoption of Zero Trust security. The company has been winning contracts in the public sector as well as from enterprises like Block. The momentum is expected to have continued in the to-be-reported quarter.
What Our Model Indicates
Per the Zacks model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that’s not the case here.
Okta has an Earnings ESP of -1.74% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Stocks to Consider
Here are a few companies worth considering, as our model shows that these have the right combination of elements to beat on earnings in their upcoming releases:
Samsara (IOT - Free Report) has an Earnings ESP of +21.05% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Samsara is scheduled to release first-quarter fiscal 2023 results on Jun 2. IOT shares have been down 59.1% year to date (YTD) compared with the Zacks Computer & Technology sector’s decline of 24.2%.
Designer Brands (DBI - Free Report) has an Earnings ESP of +4.35% and a Zacks Rank #2. Designer Brands is scheduled to release first-quarter 2022 results on Jun 2.
DBI shares have been down 10.6% YTD compared with the Zacks Retail Wholesale sector’s fall of 23.5% over the same period.
Commercial Metals (CMC - Free Report) has an Earnings ESP of +8.63% and a Zacks Rank #2. Commercial Metals is scheduled to release third-quarter fiscal 2022 results on Jun 16.
CMC shares have been up 14% YTD compared with the Zacks Basic Materials sector’s gain of 5.6% over the same period.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.