OKTA - 4 Takeaways From Okta's Fantastic Quarter

2024-03-07 07:46:00 ET

Okta (NASDAQ: OKTA) is winning its way back into Wall Street's good graces. Shares jumped over 20% immediately following the cybersecurity specialist's fourth-quarter earnings report. Okta stock is up 50% in the past full year, nearly doubling the return in the rallying S&P 500 over that time.

Let's dive right into the report for the biggest takeaways on Okta's operating momentum.

The good times are rolling for software-infrastructure businesses that cater to large customers, and Okta is capitalizing on the surge. Reported sales were up 19%, and its subscription-based revenue jumped 20%, primarily reflecting higher demand from enterprises looking to bulk up their digital-identity management abilities. "Organizations continue to turn to Okta to help modernize and simplify their identity infrastructure," CEO Todd McKinnon said in a press release .

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