One of Okta's partners, Palo Alto Networks, recently announced an agreement to buy Okta competitor CyberArk.
In this article
Okta
shares rose 4% in extended trading on Tuesday after the identity software maker reported fiscal results that exceeded Wall Street projections.
Here’s how the company did in comparison with LSEG consensus:
Okta’s revenue grew about 13% year over year in the fiscal second quarter, which ended on July 31, according to a statement. Net income of $67 million, or 37 cents per share, was up from $29 million, or 15 cents per share, in the same quarter last year.
Okta's stock has dropped this year as investors fret over AI replacing cybersecurity
Okta topped Wall Street's third-quarter estimates and issued an upbeat outlook, but shares fell as investors had high hopes for…
The cybersecurity company said in July it would by Israeli cybersecurity provider CyberArk for $25 billion.
BMO Capital Markets sees shares of Okta rising 22% from here.
Oracle reported better-than-expected results for the latest quarter on Wednesday.
Shares rose post-earnings Monday evening but were still down from when the company's interest in CyberArk was first reported.
