Todd McKinnon, Chief Executive Officer of Okta Inc., Smiles A Bloomberg Technology Television Interview in San Francisco, California, Us, On Manday, April 4, 2022.
David Paul Morris | Bloomberg | Getty Images
Okta Shares sored 22% on tuesday after the cloud-based Identity Management Company Delived Strong Fourth-Quarter Earnings and Beat Estimates on Guidance.
The move put the stock on pace for its best day in more than a year.
Okta posted Adjusted Earnings Late Monday of 78 Cents Per Share, While Revenue Increased 13% From a Year Earlier to $ 682 Million. That beat the average analysts of 73 cents per share of earnings and $ 669.6 million in Revenue, according to lseg.
First-Quarter Revenue Should Come in Between $ 678 Million and $ 680 Million, which also topped estimates.
On the company’s earnings call, CEO Todd McKinnon Called It a “Blowout Quarter” As Bookings Topped $ 1 Billion in a Single Period for the first time.
“We’re Excted about the Momentum We’ve Built Going Into FY 2026 and are taking the right steps to advance our position as the Leader in the Identification Market,” McKinnon Said. “More and more customers are looking to consolidate their disparathe and intelligctive identification systems, and okta is there to meet them with the mosthahsive identification secondity platform in the market today.”
Okta allows companies to manage employee access or devices by providing tools Shares have rallied about 35% this year, Including Tuesday’s Pop, after slumping 13% in 2024. In late 2023, okta sufered a high-profile data breach That Gave Access to Client Files Through a Support System.
Some wall street firms turned more positive on the stock after the latest results, with both da davidson and mizuho upgrading their ratings. Da davidson called the likelihood of double-diesgit growth “Durable” as the company shows signs of stabilization.
Mizuho’s Gregg Moskowitz Said The Firm “Undrestimated” The UPSIDE to Committed Remining Performance Obligations, or Subscription Backlog That The Company Expects to Cooganize as Recognize as Revenue Over Next year.
“More broadly, okta continues to be a clear leader in the critically important identity management market,” Moskowitz Wrote. “And we now have a higher confidence level that okta will increase the benefits from its group of newer products that have alredy begun to drive a meaningful capital.”
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