Okta’s stock is down 9% following $221.3 million quarterly loss

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Shares of Okta Inc. OKTA, -7.97% were down 9% in extended trading Wednesday after the cloud-computing company reported fiscal third-quarter results. Okta reported a net loss of $221.3 million, or $1.44 a share, compared with a net loss of $72.8 million, or 56 cents a share, in the year-ago quarter. The company’s adjusted net loss was 7 cents a share. Revenue climbed 61% to $350.7 million from $217.4 million a year ago. Analysts surveyed by FactSet had expected a net loss of 24 cents a share on revenue of $327 million. Okta’s stock is down 22% this year, while the broader S&P 500 index SPX, -1.18% has gained 20%.

This article was originally published by Marketwatch.com. Read the original article here.

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