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Okta Sharply Higher On Upbeat Q3 Results, Guidance

After recovering from an initial move to the downside, shares of Okta Inc. (OKTA) have moved sharply higher over the course of the trading session on Thursday. Okta is currently up by 11.1 percent after reaching a two-month intraday high.

The rally by Okta comes after the identity management software company reported a narrower than expected fiscal third quarter loss on revenues that exceeded estimates. Okta also provided upbeat guidance for the current quarter.

Okta reported an adjusted third quarter loss of $0.04 per share on revenues of $105.6 million compared to expectations for a loss of $0.11 per share on revenues of $99.9 million.

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