Okta shares soar as corporate demand for hacker protection increases

Key takeaways

  • Okta& #39's earnings and sales jumped on growing demand for its identification software to protect against hackers.
  • The company raised its earnings forecast and revenue for the whole year.
  • Several analysts have raised their revenue forecasts. share price targets following the report.

Okta (OKTA) shares rose 13.5% on Thursday as growing cybersecurity concerns boosted demand for computer software. Company Identification.

The company reported second-year 2024 quarterly earnings per share (EPS) of 31 cents, more than 40% above forecast. Revenue rose 23% to $556 million, also better than expected. Almost all of that, $542 million, came from subscriptions, which grew 24%.

Okta co-founder and CEO Todd McKinnon noted that new and existing customers are looking to simplify their infrastructure, “while increasing security by integrating identity into their most important projects.”

Okta plans BPA for the& #39; year-to-date $1.17 to $1.20, down from 88 cents to 93 cents earlier. It projects sales of between $2.21 billion and $2.22 billion, down from a previous estimate of $2.18 billion to $2.19 billion.

The actions of Okta jumped to their highest level since late May on the news.


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Source: investopedia.com

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