Summary by Moomoo AI
On May 29, 2024, Okta, Inc., a leading independent identity partner, reported its financial results for the first fiscal quarter ended April 30, 2024. The company announced a 19% year-over-year increase in total revenue, reaching $617 million, with subscription revenue growing by 20% to $603 million. Okta's current remaining performance obligations (cRPO) also saw a 15% increase to $1.949 billion. The company highlighted a record operating cash flow of $219 million and free cash flow of $214 million. Non-GAAP operating income rose significantly to $133 million, or 22% of total revenue, compared to $37 million, or 7% of total revenue, in the same quarter of the previous fiscal year. The company's GAAP net loss improved to $40 million from a net loss of $119 million in the first quarter of fiscal 2024. Okta's...Show More