Okta shares advance 3% on jump in sales, lower-than-expected loss

Shares of Okta Inc.
OKTA,
+0.97%
were initially up 3% in extended trading Wednesday after the cloud-software company reported fiscal first-quarter results. Okta reported a net loss of $109.2 million, or 83 cents a share, compared with a net loss of $58 million, or 47 cents a share, in the year-ago quarter. The company’s adjusted net loss was $13 million, or 10 cents a share, compared with a year-earlier adjusted net loss of $7 million, or 6 cents a share. Revenue leaped 37% to $251 million from $182.9 million a year ago. Analysts surveyed by FactSet had expected an adjusted net loss of 20 cents a share on revenue of $239 million. Okta shares are down 3% so far in 2021. The broader S&P 500 index
SPX,
+0.19%
has improved 12% this year.