RTTNews | May 27, 2021 10:21AM EDT

10:20 Thursday, May 27, 2021 (RTTNews.com) - Okta, Inc. (OKTA) shares are trading down more than 11 percent on Thursday morning after the company reported first-quarter net loss, wider than the previous year.

The independent identity provider further reported stepping down of its Chief Financial Officer Mike Kourey, effective June 1, 2021. Brett Tighe, SVP, Finance and Treasurer, has been appointed as interim Chief Financial Officer.

Currently, shares are $219.47, down 11.04 percent from the prior close of $246.53 on a volume of 2,564,502. For the 52-week period, the shares have traded in a range of $173.06-$294.00 on average volume of 2,060,519.

The company reported first quarter net loss of $109.23 million or $0.83 per share, compared to net loss of $57.66 million or $0.47 per share in the prior year. Adjusted net loss was $13 million or $0.10 per share.

Revenue for the quarter however increased to $251.01 million from $182.86 million last year.

For the second quarter, the company expects 47-48 percent growth in revenue year over year to a range of $295-$297 million.

On an adjusted basis, loss is projected to be in a range of $0.36-$0.35 per share. For the full year 2022, the adjusted loss is expected to be $1.16-$1.13 per share. Revenue outlook is between $1.215 billion and $1.225 billion.

Read the original article on RTTNews ( https://www.rttnews.com/3198113/stock-alert-okta-slides-11-as-q1-loss-widens-cfo-resigns.aspx)

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