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Okta (OKTA) on Wednesday reported third-quarter earnings and revenue that topped consensus estimates. The cybersecurity firm issued preliminary fiscal 2025 revenue guidance for OKTA stock.
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Reported before the market open, Okta earnings were 48 cents on an adjusted basis for the quarter ending Oct. 31, up from zero-cent profit a year earlier. San Francisco-based Okta said revenue climbed 21% to $584 million.
Further, analysts expected Okta earnings of 30 cents on revenue of $560.6 million.
Guidance
For the current quarter ending in January, Okta said it expects revenue of $586 million vs. estimates of $580.4 million.
For fiscal 2025, Okta predicted at least 10% revenue growth to $2.46 billion to $2.47 billion. Fiscal 2025 starts with the quarter ending in April.
Okta Stock
On the stock market today, Okta stock fell nearly 1% to 71.99 before the open. Meanwhile, OKTA had climbed 7% in 2023. Data breaches have pressured the cybersecurity stock.
Before the Okta earnings release, shares had tumbled overnight on the company’s expanded disclosures of a network breach two months ago.
Okta’s security software monitors and manages privileged accounts. Hackers often target employees or management with administrative access to company computer systems.
Heading into the earnings report, Okta owned a Relative Strength Rating of 67 out of a possible 99, according to IBD Stock Checkup.
Also, growing competition from Microsoft (MSFT) is another issue.
Last year, Okta stock dived nearly 70% amid sales challenges and a nettlesome acquisition.
Okta earnings follow strong results from cybersecurity peers Zscaler (ZS) and CrowdStrike (CRWD) earlier in the week.
Follow Reinhardt Krause on X, formerly called Twitter, @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
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