Okta Inc. OKTA, -6.51% reported third-quarter results and forecast an outlook that topped Wall Street estimates late Wednesday, which may provide a boost to shares on Thursday when markets re-open. The company reported a third-quarter loss of $29.5 million, or 27 cents a share, compared with a loss of $33.1 million, or 35 cents a share, in the year-ago period. The adjusted loss was 4 cents a share. Revenue rose to $105.6 million from $66.9 million in the year-ago quarter. Analysts surveyed by FactSet had forecast a loss of 11 cents a share on revenue of $96.9 million. For the fourth quarter, Okta expects an adjusted loss of 9 cents to 8 cents a share on revenue of $107 million to $108 million, while analysts had forecast a loss of 11 cents a share on revenue of $99.9 million. Okta shares, which are up 137% for the year, last closed down 6.5% at $60.65, compared with a 3.2% drop in the S&P 500 index SPX, -3.24% on Tuesday, and U.S. stock markets were closed Wednesday in honor of the funeral of 41st President George H.W. Bush.
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