Summary by Moomoo AI
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