Okta’s stock closed a little over 10% on Thursday, the first full day of trading after it reported quarterly earnings and beat Wall Street’s expectations.
Okta reported a 58% revenue growth, and Alex Henderson, senior analyst at Needham & Company, says these “spectacular” results show that Okta is becoming a real competitor to Microsoft.
Okta COO Frederic Kerrest tells us that the company’s great strength is that it’s neutral: It works with services from all vendors, not just Microsoft.
On Wednesday, identity management software company Okta reported earnings, blowing away Wall Street expectations. The next day saw Okta’s stock spike as high as 14% in intraday trading, bringing its market cap up to just shy of $7 billion.
By the end of the day, the stock closed at $66.95, up over 10% from the opening bell, and more than twice what Okta was trading at this time last year.
It’s perhaps no surprise, as Okta reported a strong quarter with a 58% year-over-year revenue growth and 55% growth in customers. Okta generated revenue of $105.6 million, handily beating Wall Steet expectations of $96.8 million. Okta also reported an adjust loss of 4 cents per share, much narrower than analyst expectations of …read more
Source:: Businessinsider – Technology