Okta pops more than 20% on strong earnings and guidance beat
Summary
Todd McKinnon, chief executive officer of Okta Inc., smiles during a Bloomberg Technology television interview in San Francisco, California, U.S., on Monday, April 4, 2022. Okta shares soared 22% on Tuesday after the cloud-based identity management company delivered strong fourth-quarter earnings and beat estimates on guidance. "Were excited about the momentum weve built going into FY 2026 and are taking the right steps to advance our position as the leader in the identity market," McKinnon said. Mizuhos Gregg Moskowitz said the firm "underestimated" the upside to committed remaining performance obligations, or subscription backlog that the company expects to recognize as revenue over the next year. "And we now have a higher confidence level that OKTA will increasingly benefit from its group of newer products that have already begun to drive a meaningful contribution."
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