Okta Homes In On a $25 Billion Market Opportunity
Okta (NASDAQ: OKTA), the cloud-based identity management specialist, remains unflappable during the COVID-19 pandemic.
In its second-quarter earnings report, the company breezed past estimates with revenue growing 43% to $200.4 million, and adjusted earnings per share of $0.07, up from a loss of $0.05 a year ago. The company benefited from lower expenses for travel and entertainment and sales and marketing, partly due to the pandemic. Meanwhile, its backlog increased 56% to $1.43 billion, showing that demand remains robust for the company's tools, which help employees log on remotely, securely, and seamlessly.
Throughout Okta's history, the primary focus has been on workforce identity management, which includes applications like multi-factor authentication. But increasingly, its customer identity management, which helps businesses better interface with customers by doing things like retaining login information and creating a frictionless experience, has emerged as a key growth driver.
Source Fool.com
