Identity management software provider Okta Inc. has pulled another successful quarter out of the bag, posting earnings that once again beat Wall Street’s expectations.

The company, whose software allows employees to log in to multiple applications without using different passwords for each of them, reported a loss after certain costs such as stock compensation of 9 cents per share on revenue of $83.6 million, which was up 60 percent year-over-year.

Wall Street analysts on average had forecast a loss of 16 cents per share on revenue of $78.84 million.

Most of Okta’s revenue comes from its subscription services, which raked in $76.8 million during the first quarter, up 59 percent compared to the same period one year ago. The company also said its operating cash flow margin grew by 23 percent over the same period, while free cash flow margin rose by 24 percent.

Shareholders were fairly pleased with the performance, with Okta’s share price rising by more than 4 percent in after-hours trading.

Okta also had good news for investors on the customer acquisition front. The company said it grew its customer base to more than 4,700 organizations, with new clients including the City of Oakland, Leicester City Football Club and Warner Music Group signing on to use its Identity Cloud.

Okta also extended its existing deployments with the likes of Docker Inc. and Palo Alto Networks Inc. The number of customers paying over $100,000 per year also grew 52 percent year-over-year.

“Our growth is driven by three areas of focus that align with the needs of our customers: connecting people seamlessly to all of their technologies, providing an identity layer for customer facing applications, and strengthening security while making technology easier to use,” Todd McKinnon (pictured), Okta’s chief executive officer, said in a statement.

Okta also announced it will open three new offices in Washington D.C., Paris and Stockholm, in what can be seen as another sign of the company’s growing stature. “Washington D.C., Paris and Stockholm are global hubs of commerce and policymaking where an increasing number of our customers are base,” McKinnon said.

Still, growth is one thing, but making a profit is quite another. Holger Mueller, principal analyst and vice president of Constellation Research Inc., said the company’s growth was primarily being fueled by demand for identity management services from enterprises that are in the process of building next-generation apps. But he said the company has to show that “not only can it grow but also find a way to get profitable”. So the next few quarters will likely be closely watched by investors looking for signs of this.

For the current quarter Okta issued guidance in the range of a 21 cents to 20 cents per share loss on revenue of between $84 million to $85 million. For the full year, Okta is expecting a loss of 54 to 58 cents per share on revenue of $353 million to $357 million.

Image: Okta/Facebook