Okta, a leading independent identity partner, reported a 19% increase in total revenue to $617 million for the quarter ended April 30, 2024, compared to $518 million in the same period last year. Subscription revenue, which constitutes 98% of total revenue, rose by 20% to $603 million. The company's gross profit improved to $469 million, up from $376 million, with a total gross margin increase from 73% to 76%. Operating expenses decreased to $516 million from $536 million, reducing the operating loss to $47 million from $160 million. Net loss narrowed to $40 million from $119 million. Okta's customer base grew to over 19,100, with 4,550 customers having an annual contract value above $100,000. The company's Dollar-Based Net Retention Rate was 111%. Okta continues to invest in its platform infrastructure and support organizations, expecting to improve gross margin...Show More

Okta, a leading independent identity partner, reported a 19% increase in total revenue to $617 million for the quarter ended April 30, 2024, compared to $518 million in the same period last year. Subscription revenue, which constitutes 98% of total revenue, rose by 20% to $603 million. The company's gross profit improved to $469 million, up from $376 million, with a total gross margin increase from 73% to 76%. Operating expenses decreased to $516 million from $536 million, reducing the operating loss to $47 million from $160 million. Net loss narrowed to $40 million from $119 million. Okta's customer base grew to over 19,100, with 4,550 customers having an annual contract value above $100,000. The company's Dollar-Based Net Retention Rate was 111%. Okta continues to invest in its platform infrastructure and support organizations, expecting to improve gross margin over time. The company experienced cybersecurity incidents and is navigating economic uncertainties, which may impact future financial performance. Okta completed the acquisition of Spera, an identity security platform provider, for $58 million. With over $2.3 billion in liquidity, Okta believes it has sufficient resources to meet projected needs and may seek acquisitions or investments to complement its business.