2/28/24: Okta Earnings Beat Expectations
Okta reports quarterly earnings for Q4 FY2024 which ended January 21, 2024 after market close today. Revenue was $605M vs. $588M expected. Adjusted EPS was $0.63 vs. $0.51 expected. The company also issued better than expected guidance for FY2025. OKTA 0.00%↑ stock soared 20% after the report.
I have been a shareholder of Okta for about a year and half with the entry price in the low 60s. OKTA 0.00%↑ was a highflyer during the pandemic bull run but its stock has been struggling for the last two years. Like ZM 0.00%↑, OKTA 0.00%↑ stock price is still below its pre-pandemic level. But IMO, both Zoom and Okta are strong durable businesses that provide their customers essential and indispensable services with high entry barriers. I will be a long term holder for the stock and hopefully one day $OKTA will reach its pandemic high again.