Okta's fiscal second-quarter performance exceeded Wall Street expectations, with adjusted earnings per share of $1.05 compared to the anticipated 97 cents, and revenue of $805 million, surpassing the $795 million forecast.
This marks an 11% increase in revenue from $728 million a year ago, with net income rising to $116 million, or 65 cents per share, up from $67 million, or 37 cents per share, in the previous year.
The company has recently made its Okta for AI Agents tool widely available, which has contributed to 30% of total bookings and included significant AI-related deals, such as a multi-million-dollar contract with a healthcare firm.
CEO Todd McKinnon highlighted the growing importance of identity management in the face of increasing cyber threats, suggesting that the market for identity solutions will expand significantly over the next decade.
Okta's stock has surged 55% this year, reflecting broader trends in the cybersecurity sector, where companies like CrowdStrike and Palo Alto Networks have also seen stock price increases. Additionally, Okta recently completed the acquisition of threat detection startup Permiso Security for approximately $200 million and plans to pursue smaller acquisitions that enhance its existing offerings.
The company also raised its full-year revenue guidance to between $3.22 billion and $3.23 billion, slightly above previous estimates, and adjusted earnings are now expected to be between $3.90 and $3.94 per share