Identity and device management services provider Okta Inc. today posted solid earnings in its first quarterly results following an initial public offering in April.

The company’s first quarter showed a loss after certain costs such as stock compensation of 50 cents per share on revenue of $53 million. That compared with a loss of $1.04 per share on revenue of $31.7 million a year ago.

That was also better than analysts’ expectations. Wall Street was expecting losses of 62 cents per share on revenue of $49 million. Investors clearly liked what they saw, as Okta’s shares, which rose more than 3 percent during regular trading, jumped 5 percent more in after-hours trading Wednesday.

Okta earned the bulk of its revenue from subscription services, which accounted for $48.4 million of the total, up 75 percent from one year ago. The company said its operating loss for the quarter was $19.7 million, or 37 percent of its total revenue. In the same period last year, Okta chalked up an operating loss of $19.3 million, or 61 percent of its total revenue.

“We had a very successful start to the year and achieved record quarterly revenue in billings, while meaningfully improving operating margin,” Okta Chief Executive Officer Todd McKinnon said in the earnings conference call.

McKinnon added that Okta’s Identity Cloud product puts the company in a strong position to capitalize on two growing markets: management of employee identities and management of customers, partners and suppliers’ identities.

The company also issued guidance for the second quarter and full fiscal year. For the second quarter, Okta is forecasting a loss after certain costs such as stock compensation of 25 to 26 cents per share on revenues of $55 million to $56 million. For its full fiscal year, the company expects to see a net loss per share of $1.11 to $1.15 on revenues of $233 million to $236 million.

Image: Okta