5 Biggest Losers on Thursday

4. Okta, Inc. (NASDAQ:OKTA)

Number of Hedge Fund Holders: 47

Shares of Okta, Inc. (NASDAQ:OKTA) plunged to a new low in pre-market trading Thursday. The drop came after the company’s senior management pointed towards near-term challenges revolving around its merger with Auth0.

The cautious comments from management also overshadowed the better-than-expected Q2 results of Okta, Inc. (NASDAQ:OKTA). The San Francisco-based company reported a loss of 10 cents per share, narrower than analysts’ average estimate for a loss of 30 cents per share.

In addition, Okta, Inc. (NASDAQ:OKTA) posted revenue of $452 million, representing a surge of 43 percent over the year-ago period and better than the consensus of $430.68 million. Subscription revenue for the quarter jumped 44 percent to $435 million, accounting for more than 96 percent of the total sales.

Speaking on the results, CEO of Okta, Inc. (NASDAQ:OKTA), Todd McKinnon, said:

“Looking at the second half of the fiscal year, we’re focused on refining the go-to-market strategy for the combined Auth0 and Okta sales organization, strengthening our teams, and making strategic reductions to our spend to improve profitability.”