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Okta's CEO explains why cloud computing has opened the door for smaller, specialized firms to challenge giants like Microsoft and Google (OKTA)

Okta's CEO explains why cloud computing has opened the door for smaller, specialized firms to challenge giants like Microsoft and Google (OKTA)
Okta. Used by permission.



Okta beat Wall Street's expectations when it reported third-quarter results on Thursday and its CEO Todd McKinnon told Business Insider that he thinks Okta has just scratched the surface of its long term potential.




Okta reported revenue of $153 million, a 45 percent increase from a year prior, and a loss per share of $0.07 for the quarter. Its results showed a wider loss than a year prior, but ultimately beat analyst expectations for the quarter.




McKinnon thinks the identity management market is set to grow and create even more opportunity for Okta.




The company saw success in its enterprise business this past quarter, which is an area it will continue to focus on McKinnon said. Okta now has 1,325 customers who pay over $100,000 annually for its product, which is 41 percent more than it had last year.




"I think we're very early in the potential market penetration for what we do ... people were spending billions and billions of dollars on identity management and the problems are getting worse every day," McKinnon told Business Insider.




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Okta reported earnings that beat Wall Street's expectations on Thursday and its CEO thinks the identity management company has just scratched the surface of how far it can go.
"I think we're very early in the potential market penetration for what we do...people were spending billions and billions of dollars on identity management and the problems are getting worse every day," Okta CEO Todd McKinnon told Business Insider. "We have a lot of markets to capture and we're working hard to make sure that we continue to grow and build new products and offerings to capture that market."
Okta reported revenue of $153 million, a 45 percent increase from a year prior, and a loss per share of $0.07 for the quarter. Its results showed a wider loss than a year prior, but ultimately beat analyst expectations for the quarter.
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