Summary by Moomoo AI
Okta, a leading independent identity partner, reported a year of financial growth and business expansion in its annual financial report for the fiscal year ended January 31, 2024. The company's revenue increased to $2,263 million, up 22% from the previous year's $1,858 million. Despite this growth, Okta experienced a net loss of $355 million, which was an improvement from the prior year's net loss of $815 million. The company's subscription revenue, which constitutes approximately 97% of total revenue, was a key driver of growth, primarily due to new customer acquisitions and increased usage among existing customers. Okta's customer base grew to over 18,950, with 4,485 customers having an annual contract value above $100,000. The company's Dollar-Based Net Retention Rate for the trailing 12 months ended...Show More