Business & Finance
Okta shares jump 15% after exceeding second-quarter expectations
The identity software company reported increased demand for security tools to counter agentic artificial intelligence threats.
The short version
- Okta reported fiscal second-quarter revenue of $805 million and adjusted earnings of $1.05 per share, beating analyst estimates.
- The company raised its full-year revenue projection to between $3.22 billion and $3.23 billion.
- Okta finalized its $200 million acquisition of Permiso Security to strengthen its threat detection capabilities.
Key facts
- Okta shares surged approximately 15% in extended trading following its fiscal second-quarter financial report.[CNBC]
- The company posted $805 million in revenue, beating the $795 million anticipated by analysts surveyed by LSEG.[CNBC]
- Adjusted earnings per share reached $1.05, outperforming LSEG expectations of 97 cents.[CNBC]
- Remaining performance obligations grew 17% year over year to $4.86 billion, beating analyst estimates of $4.70 billion.[CNBC]
- Okta closed its acquisition of Permiso Security, a threat detection startup valued at roughly $200 million.[CNBC]
- CEO Todd McKinnon reported that new products accounted for 30% of total bookings and the company finalized dozens of AI-related deals during the quarter.[CNBC]