Okta Inc - OKTA STOCK NEWS

Okta, Inc. (NASDAQ: OKTA) has appointed Emilie Choi, President and COO of Coinbase, to its board of directors effective August 19, 2022. Choi's extensive experience in technology and entrepreneurship is expected to enhance Okta's strategic direction as it focuses on digital identity solutions. CEO Todd McKinnon expressed excitement about Choi’s addition, highlighting her potential contributions to the company's mission. Choi has a robust background, having held leadership positions at LinkedIn and other prominent firms, making her a valuable asset for Okta.

Okta, Inc. (NASDAQ: OKTA) will release its second quarter fiscal year 2023 financial results on August 31, 2022, after market close. A live video webcast will take place at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the results. The Okta Identity Cloud provides secure access for over 15,800 organizations, including well-known brands such as JetBlue and Nordstrom. Investors can access the press release and webcast via the Okta investor relations website.

Okta, Inc. (Nasdaq: OKTA) has appointed Shibu Ninan as Chief Accounting Officer, effective August 15, 2022. Ninan brings over 25 years of experience in global finance, previously serving at Veritas Technologies and Saba Software, and has a background with firms like KPMG and Deloitte. He holds a bachelor's from Bangalore University and is a Chartered Accountant and Certified Public Accountant. Brett Tighe, CFO of Okta, expressed confidence in Ninan's ability to enhance the leadership team as the company continues to establish itself as a leading independent identity provider.

Okta has launched a new Nonprofit Cybersecurity Portfolio, committing $1,020,000 in grants as part of its three-year Nonprofit Technology Initiative aimed at enhancing cybersecurity for nonprofits. The initiative is in response to rising cyberattacks, with over 50% of nonprofits reporting targeted incidents. The funding is allocated to six organizations, including CyberPeace Institute and NetHope, for projects that bolster cybersecurity measures. This brings Okta's total commitments through the initiative to nearly $6.5 million.

SecurityWeek will host the 2022 Cloud Security Summit virtually on June 15, 2022, focusing on securing cloud environments. Sponsored by Palo Alto Networks (PANW) and Okta (OKTA), the summit aims to equip organizations with the necessary tools and strategies to enhance cloud security. Attendees can engage with industry leaders, including Aanchal Gupta from Microsoft, who will share insights on security best practices. The event will cover topics like identity security and cloud-native security.

Okta, Inc. (Nasdaq: OKTA) reported Q1 fiscal 2023 results, showcasing a 65% year-over-year revenue growth to $415 million. Subscription revenue surged 66% to $398 million, with Remaining Performance Obligations (RPO) increasing 43% to $2.71 billion.

Despite this growth, the GAAP net loss widened to $243 million from $109 million year-over-year, with a GAAP net loss per share of $1.56.

The company expects Q2 revenue between $428 million and $430 million, and total fiscal 2023 revenue of $1.805 billion to $1.815 billion.

Okta has been named a Customers’ Choice for Access Management for the fourth consecutive time in Gartner's Peer Insights report, highlighting the company's strong customer feedback. With a 92% willingness to recommend and over 268 reviews, Okta leads the Access Management market, excelling in large and midsize enterprises and North America. This recognition reflects Okta's commitment to providing secure digital experiences. Notably, Okta and Auth0 were also recognized as Leaders in the Magic Quadrant for Access Management, reinforcing their market position.

Okta, Inc. (NASDAQ: OKTA) will announce its financial results for the first quarter of fiscal year 2023, ending April 30, 2022, after U.S. market close on June 2, 2022. A live video webcast will follow at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) to discuss these results. Okta is recognized as a leading identity provider with an extensive integration of over 7,000 applications, offering secure access to over 15,000 organizations, including notable names like JetBlue and Nordstrom.

Ingram Micro has expanded its partnership with Okta to enhance go-to-market strategies in the Americas and plans to extend this relationship worldwide. The collaboration aims to introduce channel partners to opportunities in customer identity and access management (CIAM), tapping into a market estimated at $80 billion. The partnership is set to bolster Okta’s global channel growth strategy, providing cybersecurity solutions to help businesses tackle vulnerability issues and ransomware threats.