Okta jumps 8%, tops first-quarter results on agentic AI demand
Okta beat Wall Street's fiscal first-quarter estimates after the bell on Thursday as demand for identity security tools spikes with the onslaught of agentic artificial
Okta beat Wall Street's fiscal first-quarter estimates after the bell on Thursday as demand for identity security tools spikes with the onslaught of agentic artificial intelligence. Shares gained 8%. Here's how the company did versus LSEG estimates Earnings per share: 91 cents adjusted vs. 85 cents expected 91 cents adjusted vs. 85 cents expected Revenue: $765 million vs. $752 million expected The identity security provider said revenue grew 11% from a year ago.
Net income rose to $74 million, or 42 cents per share, from $62 million, or 35 cents per share, a year ago. CEO Todd McKinnon told CNBC that the agentic AI buildout is spiking demand for identity tools from Okta, but AI is not yet a majority of its revenues.
"We're playing a long game here," he said. "It's not billions of dollars of token spend right now, it's plumbing for what's going to be required for the next five and 10
years, so I feel like it's less susceptible to euphoria." Right now, McKinnon said customers are beginning to assess and plan ways to deploy AI at scale, which should benefit the business long-term.
The BriefWire