Okta (NASDAQ:OKTA) shares plummeted more than 20% intra-day today despite the company reporting better-than-expected Q1 results. The reason is the deteriorating macros, which worries investors.
Q1 EPS was $0.22, better than the Street estimate of $0.12, and revenue of $518 million, compared to the Street estimate of $511.02 million. For Q2/24, the company expects EPS to be in the range of $0.21-$0.22, above the Street estimate of $0.17, and revenue of $533-$535 million, compared to the Street estimate of $527.87 million.
For the full 2024 year, the company anticipates EPS of $0.88-$0.93, compared to the Street’s $0.78, and revenue of $2.175-$2.185 billion, compared to the Street’s $2.17 billion.
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