Okta, Inc. (NASDAQ: OKTA) announced its financial results for the third quarter of fiscal 2024, reporting a revenue of $500 million, exceeding analysts’ expectations of $485 million. The company’s net loss for the quarter was $36 million, or $0.25 per share, compared to a loss of $50 million, or $0.38 per share, in the same quarter last year. Okta’s CEO, Todd McKinnon, stated, “Our focus on delivering exceptional identity solutions continues to resonate with customers, driving significant growth in our subscriptions and services.” The strong performance led to a 15% rise in the company’s stock in after-hours trading post-results announcement. As part of its guidance, Okta anticipates revenue for Q4 2024 to fall between $510 million and $520 million. Additionally, the company has revealed plans to enhance its product offerings with the integration of artificial intelligence to streamline customer identity solutions. “We believe AI will significantly enhance our capabilities and offer even more value to our customers,” added McKinnon. The momentum for Okta comes amidst a growing demand for cybersecurity solutions, with a reported increase in enterprise spending in this domain. The results reaffirm Okta’s position as a leading player in the identity management industry, despite the competitive landscape.
Okta Reports Strong Q3 2024 Earnings with Notable Revenue Growth
