Okta shares surged over 24% after strong fourth-quarter earnings and guidance, marking their best day since December 2022. The cloud-based identity management company exceeded analyst expectations with higher adjusted earnings and revenue growth from the previous year. CEO Todd McKinnon called it a blowout quarter as bookings surpassed a major milestone. Okta provides tools for companies to manage employee access and device security. Okta shares have rebounded this year after a previous decline. The recovery follows a high-profile data breach in late 2023 that exposed client files.
