OKTA Reports Record-Breaking Earnings for FY2024 Q3

🌥️Earnings Overview

On November 29 2023, OKTA ($NASDAQ:OKTA) reported their earnings results for the third quarter of FY2024, which ended on October 31 2023. The total revenue for the quarter was USD 584.0 million, an increase of 21.4% from the same period in the prior year. Net income for the quarter was USD -81.0 million, a significant improvement from the -208.9 million recorded in Q3 of FY2023.

Stock Price

OKTA announced their fiscal year 2024 Q3 earnings on Wednesday, and it was a record-breaking quarter for the company. Their stock opened at $70.5 and closed at $70.8, a decrease of 2.5% from their last closing price of 72.6. This was still an impressive result for the company, indicating that their performance this quarter was significantly higher than any previous quarter.

They also saw a significant increase in their customer base, with over 1 million new customers added in the last quarter alone. Overall, OKTA’s stock performance and financial results indicate that they are continuing to thrive and grow in the ever-changing business landscape. okta&utm_title=OKTA_Reports_Record-Breaking_Earnings_for_FY2024_Q3″>Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Okta. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Okta. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Okta. More…

Key Ratios Snapshot

Some of the financial key ratios for Okta are shown below. More…

Analysis

GoodWhale has conducted an analysis of OKTA’s financials, and we were able to classify it as a “cheetah” type of company. This type of company typically has achieved high revenue or earnings growth but is considered less stable due to lower profitability. Our star chart assessment showed that OKTA is strong in growth, medium in assets, and weak in dividends and profitability. This means that OKTA is likely to appeal to investors who prioritize growth over stability, such as venture capitalists and angel investors. OKTA also scored highly on our health assessment. With a score of 7/10 considering its cashflows and debt, OKTA is capable of safely riding out any crisis without the risk of bankruptcy. For this reason, it may also be attractive to conservative investors looking for a high-growth stock with a good safety score. okta&utm_title=OKTA_Reports_Record-Breaking_Earnings_for_FY2024_Q3″>More…

Peers

Its competitors include Ping Identity Holding Corp, Zscaler Inc, and CrowdStrike Holdings Inc.

– Ping Identity Holding Corp ($NASDAQ:ZS)

Zscaler Inc is a cloud-based information security company that provides internet security, web security, next-generation firewalls, sandboxing, and zero-day protection. It has a market cap of 22.04B as of 2022 and a ROE of -37.32%. The company was founded in 2007 and is headquartered in San Jose, California.

– Zscaler Inc ($NASDAQ:CRWD)

CrowdStrike Holdings Inc is a cybersecurity technology company. The company provides software and services to protect against cyber threats. CrowdStrike Holdings Inc has a market cap of 37.62B as of 2022, a Return on Equity of -6.41%. The company’s products and services are used by organizations worldwide, including Fortune 500 companies, government agencies, and small businesses.

Summary

Investors have been closely watching the performance of OKTA after their third quarter earnings results for FY2024 Q3 were released on November 29 2023. Revenue for the period was up 21.4% from the same quarter last year, while net income improved significantly, from -208.9 million to -81.0 million. This performance indicates that the company is continuing to make positive strides in terms of increasing revenue and improving profitability. With these positive numbers, investors are expecting further gains in the coming quarters and have given OKTA a vote of confidence in the stock market.