5 Earnings Reports Investors Must Read

2. Okta, Inc. (NASDAQ: OKTA)

Number of Hedge Fund Holders: 57

Okta, Inc. (NASDAQ: OKTA) was founded in 2009 by Todd McKinnon and Frederic Kerrest to provide workforce identity services over the internet. The company has grown at an exceptional rate since then. Okta identity cloud software lets users securely access applications from any device. It also helps customers manage user authentication into apps. Okta serves thousands of clients, including notable names such as Slack and Western Union.

The company recently came into the limelight after announcing better than expected results for the second quarter. Okta, Inc. (NASDAQ: OKTA) reported an adjusted loss of 11 cents per share, narrower than the loss of 35 cents per share estimated by analysts.

Revenue came in at $315.5 million, well above $200.4 million in the comparable period of 2020. Analysts were expecting Okta, Inc. (NASDAQ: OKTA) to post revenue of $296.7 million.

Discussing the results, CEO Todd McKinnon said:

“Execution remained sharp with strong demand for Okta’s workforce and customer identity solutions, as well as Auth0’s developer-centric identity solutions. As organizations advance on their journey of improving their customers’ digital experience, adopting zero-trust security environments, and deploying more cloud applications, they continue to turn to Okta to deliver an unmatched array of modern identity solutions to meet these challenges.”