Okta, Inc. - OKTA STOCK NEWS

Okta reported a 63% year-over-year revenue growth for Q4, totaling $383 million, with subscription revenue up 64%. Full fiscal 2022 revenue reached $1.30 billion (+56%), driven by a 50% increase in Remaining Performance Obligations (RPO) to $2.69 billion. However, the company reported a GAAP net loss of $241 million in Q4, compared to $76 million the previous year. The FY23 outlook projects revenue of $1.78-1.79 billion, indicating a growth rate of 37%-38%.

Okta has announced the launch of Credential Guard, a new security feature from its Auth0 product unit designed to enhance protection against account takeover attacks. This feature supports over 35 languages and is activated globally across 200+ countries. It improves breach detection efficacy by a minimum of 250% compared to previous methods, enabling organizations to reset stolen passwords faster. Credential Guard is available as an Enterprise Add-on for Auth0 customers, significantly aiding in the prevention of fraudulent access to user accounts.

Okta, Inc. (NASDAQ: OKTA) is set to release its financial results for the fourth quarter and fiscal year 2022 on March 2, 2022, after U.S. market close. The results will be discussed in a live video webcast at 2:00 p.m. PST (5:00 p.m. EST). This release marks an important moment for investors as it covers the company’s performance through January 31, 2022. Okta is recognized as a top independent identity provider, offering secure access to applications for over 14,000 organizations worldwide. A replay of the webcast will be available on their investor relations website.

Okta, Inc. (Nasdaq: OKTA) has appointed Brett Tighe as the new Chief Financial Officer, effective immediately. Tighe, who has been with Okta for nearly seven years and served as interim CFO since June 2021, aims to drive the company towards achieving its financial goals, including a target of $4 billion in revenue and a 20% free cash flow margin by fiscal 2026. CEO Todd McKinnon praised Tighe's contributions to the organization. As CFO, Tighe will oversee various functions, including accounting and financial planning.

Okta, through its product unit Auth0, released the 2022 Public Sector Identity Index, a global report analyzing the identity maturity of public sector organizations. The report reveals that only 17% of respondents are confident in their authentication security. Additionally, 86% of citizens primarily use username/password for authentication, while 41% of governments are building in-house Identity and Access Management (IAM) solutions. Most respondents aim to expand digital services over the next two years, emphasizing the importance of protecting citizen data.

Okta, Inc. (NASDAQ: OKTA), a leading independent identity provider, announces that Eugenio Pace, Co-founder and CEO of Auth0, will present at the 24th Annual Needham Growth Conference on January 12, 2022. The presentation will be available via live webcast on Okta's investor relations website, with a replay accessible afterward. Okta's Identity Cloud connects over 14,000 organizations securely, including notable clients like JetBlue and Slack. For more information, visit investor.okta.com.

Okta, a leading identity provider, has joined the OpenID Foundation as a sustaining member, enhancing its role in the identity landscape. The move builds on years of collaboration with Auth0 and reflects Okta's commitment to identity standards like OpenID Connect. Key industry figures, including Gail Hodges and Karl McGuinness, highlighted the significance of Okta's contributions to modern identity ecosystems. This position aims to strengthen Okta's influence in evolving identity solutions globally.

Adaptive Shield has partnered with Okta to provide an integrated solution aimed at enhancing SaaS security and Identity and Access Management (IAM). This collaboration addresses the growing need for organizations to manage their SaaS security configurations effectively, especially as the threat landscape expands. Businesses will benefit from automated assessments of SaaS app settings, compliance benchmarking, and improved governance over privileged access. This joint offering aims to simplify and secure access to critical technologies, reinforcing Okta's commitment to safe technology use.

Okta, Inc. reported a strong Q3 2022 with total revenue reaching $351 million, up 61% year-over-year, and subscription revenue at $337 million, up 63%. Remaining Performance Obligations (RPO) increased 49% to $2.35 billion. The company anticipates total revenue of $358 million to $360 million for Q4, indicating a 53% growth year-over-year. However, the GAAP net loss was $221 million, with a loss per share of $1.44, including $120 million attributed to the Auth0 acquisition. Despite losses, Okta is positioned as a leader in the identity market, benefiting from the shift to Zero Trust security.