Okta, Inc. OKTA reported breakeven earnings in third-quarter fiscal 2023, beating the Zacks Consensus Estimate by 100%. The company reported a loss of 7 cents per share in the year-ago quarter.Total revenues increased 37.2% year over year to $481 million and surpassed the consensus mark by 3.76%. The upside can be attributed to higher subscription revenues.Subscription revenues (96.8% of total revenues) rose 38.4% year over year to $465.9 million. Professional services and other revenues (3.2% of total revenues) increased 8.6% year over year to $15.2 million.Okta shares were up 14.40% in pre-market trading following the results. Okta, Inc. Price, Consensus and EPS Surprise Okta, Inc. price-consensus-eps-surprise-chart | Okta, Inc. Quote Quarter DetailsLocation-wise, revenues from the United States (78% of total revenues) in the fiscal third quarter were $375.2 million, up 35.4% year over year. International revenues (22% of total revenues) increased 43.7% year over year to $105.8 million.Total calculated billings were $532 million, up 37% year over year. The uptick was driven by new and existing commercial as well as enterprise customers and increased bookings.The dollar-based retention rate in the trailing 12 months was 122%, unchanged year over year.Remaining Performance Obligations (“RPO”) totaled $2.85 billion, up 21% year over year. Current RPO, expected to be recognized over the next 12 months, was $1.58 billion, up 34% year over year.Okta’s total customer count was 17,050, up 26% year over year. Customers with more than $100K in Annual Contract Value increased 32% year over year.Operating DetailsNon-GAAP gross profit improved 39.1% year over year to $375.5 million. Gross margin expanded 110 basis points on a year-over-year basis to 78%.Non-GAAP subscription gross margin was flat on a year-over-year basis.Research and development expenses increased 13.8% year over year to $148.5 million. Sales and marketing increased 42.2% year over year to $290 million.Moreover, general and administrative expenses increased 6.1% year over year to $111.5 million.Total operating expenses increased 25.1% year over year to $550 million.Non-GAAP operating income was $0.3 million against a loss of $9.5 million in the year-ago quarter.Balance SheetOkta had $2.47 billion in cash, cash equivalents and short-term investments as of Oct 31, 2022 compared with $2.49 billion as of Jul 31, 2022.GuidanceFor fourth-quarter fiscal 2022, Okta expects revenues in the range of $488-$490 million, which indicates year-over-year growth between 27% and 28%.Non-GAAP operating income is expected in the range of $15-$36 million while non-GAAP earnings are anticipated to be 9-10 cents per share.For fiscal 2023, revenues are expected to be $1.836-$1.838 billion, indicating year-over-year growth of 41%.Non-GAAP operating loss is expected in the range of $41-$39 million and non-GAAP net loss is anticipated between 27 and 26 cents per share.For fiscal 2024, Okta expects revenues in the range of $2.130-$2.145 million, which indicates year-over-year growth between 16% and 17%.Zacks Rank & Stocks to ConsiderCurrently, Okta carries a Zacks Rank #3 (Hold).Okta shares have declined 76.2% in the past year, underperforming the Zacks Computer & Technology sector’s decline of 33.6% year to date.Some better-ranked stocks in the sector are Richardson Electronics RELL, Sanmina SANM and Super Micro Computer SMCI. All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.Shares of Richardson Electronics, Sanmina and Super Micro Computer are up 88.2%, 59.4% and 105.3%, respectively, on a year-to-date basis. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Richardson Electronics, Ltd. (RELL): Free Stock Analysis Report Sanmina Corporation (SANM): Free Stock Analysis Report Super Micro Computer, Inc. (SMCI): Free Stock Analysis Report Okta, Inc. (OKTA): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research