Okta Q2 Success Beat Estimates, But Stock Plummets on Future Guidance Concerns
The fiscal year 2025 second-quarter results for the identity and access management company Okta were excellent, beating projections in both sales and earnings. Nevertheless, disappointing results guidance saw the company’s shares down 9.5% during the after-hours trading session.
- The increasing need for safe digital access in the cloud-based corporate world is a noteworthy factor that contributed to Okta’s Q2 performance.
- Also contributing to the Q2 results was the company’s focus on growing its product line.
Okta Q2 Results: Revenue Beats Expectations, Adds 70 New Clients with $100K+ Contracts
Exceeding the consensus forecast of $632.6 million, Okta’s overall revenue in Q2 increased 16% year over year to $646 million. Subscription income increased by 17%, which propelled this expansion. Further evidence of a robust sales stream is the company’s 16% increase in remaining performance obligation (RPO) to $3.505 billion.
Significantly, Okta added 70 new clients with yearly contract values over $100,000, reflecting the company’s customer base’s ongoing growth. Consequently, there are now 4,620 of these clients overall. Also, the adjusted earnings per share for the second quarter of the year was $0.72, a noteworthy rise of 132.3% over the same period last year.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a Reply