OKTA Reported Better Than Expected Q2 Results
<p>Okta, Inc. (NASDAQ:OKTA) shares are trading 3% higher today following the company’s reported Q2 beat/raise, with meaningful upside to all metrics.
The company posted quarterly revenue of $316 million, beating the consensus of $296.23 million, and representing a 57% year-over-year growth. Q2 EPS came in at ($0.11), which was also better than the Street expectation of ($0.35).</p>
<p>The company disclosed quarterly results on an ex-Auth0 basis, which many investors had anticipated. Expansionary strength in the business proved to be broad-based, with standalone Okta NRR of 122% and Auth0 NRR of 127%.</p>
<p>According to the analysts at Berenberg Bank, investors are appreciating the additional color Okta provided on the performance of the Auth0 and Okta standalone business. While the company has managed to sustain impressive growth primarily through its direct sales force, the brokerage believes the next leg of growth will come from SIs and resellers. Berenberg raised its price target on the company’s shares to $310 from $290.</p>

NASDAQ:OKTA