Okta, Inc. - OKTA STOCK NEWS

Okta (NASDAQ: OKTA) reported strong Q3 FY2025 financial results with total revenue reaching $665 million, up 14% year-over-year. Subscription revenue grew 14% to $651 million. The company achieved significant profitability improvements, with non-GAAP operating income of $138 million (21% of revenue) and non-GAAP net income of $121 million.

Remaining performance obligations (RPO) increased 19% to $3.659 billion, while current RPO grew 13% to $2.062 billion. The company generated strong cash flows with operating cash flow of $159 million and free cash flow of $154 million. For Q4 FY2025, Okta expects revenue between $667-669 million and non-GAAP operating margin of 23%.

Okta has launched nominations for the 2025 Identity 25, an annual recognition program celebrating innovators in identity security, privacy, and innovation. The initiative acknowledges leaders across academia, public service, private enterprise, and nonprofit sectors who are advancing digital identity management and security solutions. Following last year's successful inaugural edition, nominations are now open globally until December 6, 2024, with winners to be announced in March 2025.

Okta (NASDAQ: OKTA) has announced it will release its third quarter fiscal year 2025 financial results on December 3, 2024, after U.S. market close. The company will host a live video webcast at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) to discuss the results. The webcast will be accessible through the Okta investor relations website, where both the press release and a replay of the webcast will be available.

NetHope has announced the launch of the Partner Collective for the Global Humanitarian Information Sharing and Analysis Center (Global Humanitarian ISAC) at their 2024 Global Summit. The initiative brings together key organizations including Okta, Cisco, BeyondID, NGO-ISAC, SANS, and Slack to enhance cybersecurity for humanitarian and conservation nonprofits. These partners will provide funding, expertise, tools, and technology to support the center's mission.

NetHope and Okta have announced a strategic partnership to enhance cybersecurity across the nonprofit sector. The initiative is supported by a $2.5 million commitment from Okta for Good over five years. The partnership focuses on three key areas: supporting the Global Humanitarian ISAC and Dial-A-CISO Program, building nonprofit cyber leadership ecosystem, and accelerating digital transformation of nonprofits. According to NetHope's 2024 report, 65% of nonprofit members experienced security breaches in the past year, and over half lack confidence in their cybersecurity management. This collaboration aims to protect nonprofits serving billions of vulnerable people worldwide from rising cyber threats.

Okta has announced a new Customer Identity Cloud product called Auth for GenAI, designed to help developers and organizations secure identity in Generative AI applications. This product aims to address the rapid incorporation of GenAI into applications, with AI spending expected to increase from $20 billion in 2024 to over $200 billion by 2028.

Key features of Auth for GenAI include:

• User Authentication in popular GenAI frameworks
• Third-party API integration for agents to act on users' behalf
• Async Authentication for background AI agent actions
• Fine Grained Authorization for Retrieval Augmented Generation (RAG)

Okta also introduced the Developer Portal to help make APIs AI-ready, along with other innovations such as Universal Logout, Self-service SSO and SCIM, and Advanced Customization for Universal Login.

Okta and the OpenID Foundation have announced the formation of a working group to establish a new identity security standard called Interoperability Profile for Secure Identity in the Enterprise (IPSIE). This initiative aims to provide a framework for SaaS companies to enhance end-to-end security across their technology stack. The working group includes Ping Identity, Microsoft, SGNL, and Beyond Identity.

Key aspects of IPSIE include:

• Single Sign-On
• Lifecycle Management
• Entitlements
• Risk Signal Sharing
• Session Termination

Okta has also introduced the Secure Identity Assessment (SIA), an approach to help organizations reduce identity debt and improve their security posture. SIA offers comprehensive identity evaluation, tailored recommendations, and proactive risk reduction strategies.

Okta has announced new Workforce Identity Cloud capabilities to address key security challenges in enterprise identity management. These innovations aim to protect businesses before, during, and after authentication, offering enhanced control, visibility, and user experience. The updates focus on:

1. Secure SaaS Service Accounts: To manage non-federated SaaS accounts with vaulting, credential rotation, and step-up MFA.

2. Governance Analyzer with Okta AI: To provide insights for informed authorization decisions.

3. Out-of-the-box Integrations for Identity Verification: To strengthen user verification against social engineering and deepfake attacks.

4. Extended Device Single Sign-On: To deliver a more secure and seamless SSO experience.

These advancements aim to address the growing threats in enterprise identity, with 80% of breaches involving compromised credentials and a 700% surge in deepfake incidents in the financial sector over the past year.

Okta, the leading independent Identity partner, has announced the webcasting of its Oktane Opening Keynote and Investor Summit on October 16, 2024. The events will be streamed live on Okta's investor relations website.

The schedule is as follows:

• Oktane Opening Keynote - The Future of Identity Security: 9:00 a.m. Pacific time (12:00 p.m. Eastern time)
• Okta Investor Summit: 11:00 a.m. Pacific time (2:00 p.m. Eastern time)

Webcast replays will be available on the investor relations website after the events. Okta, known as The World's Identity Company™, provides identity security solutions for businesses and developers. The company uses its websites to disclose material information and comply with Regulation FD.