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Okta reported first-quarter revenue of $765 million on Thursday, up 11% from a year ago, beating analyst expectations and sending Okta stock up 8%.
Against analyst forecasts of $0.85 in adjusted earnings per share and $752 million in revenue, the results cleared both bars, per CNBC. Adjusted earnings per share landed at $0.91.
On a GAAP basis, the company earned $74 million, or $0.42 per diluted share, a step up from the $62 million, or $0.35 per diluted share, it recorded in the year-earlier quarter. Free cash flow reached $271 million, compared with $238 million a year earlier.
The company pointed to the rise of AI agents as a driver of demand for identity security tools. CEO Todd McKinnon said in a statement that AI agents are becoming a new workforce inside organizations, creating a wave of identities that must be secured alongside human users.
