Okta Inc. (NASDAQ: OKTA) stock gained by 0.44% at last close whereas the OKTA stock price declines by 2.55% in the pre-market trading session. Okta is the most well-known independent identity management company. Organizations may use the Okta Identity Cloud to link the right people to the right technology at the right moment.
OKTA stock’ Recent Development
Okta has been designated a Pioneer in The Forrester Wave: Identity-as-a-Service (IDaaS) for Enterprise, Q3 2021 was a report launched by Forrester Research. The study ranks Okta as a Leader among eleven Identity-as-a-Service (IDaaS) for Enterprise providers, giving it the best possible score in the “current offering” and “strategy” categories, as well as the largest achievable score in the “market presence” area.
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Okta Workflows is among six Okta Platform Services, the Okta Identity Cloud’s fundamental technologies that automate very complicated identity-centric business operations. The Okta Integration Network, which has over 7,000 connectors to the most popular cloud and on-premises apps and tools on the market, also contributes to the neutrality of the Okta Identity Cloud. Customers may use Workflow Connectors to get even more out of Okta’s integration-rich identity platform.
OKTA stock’ Financial Highlights
Okta has announced its second-quarter fiscal 2022 financial outcomes. Given below is the summary:
- The total income was $316 million, up 57 percent from the previous year. Subscription income increased by 59 percent year over year to $303 million.
- In the second quarter of fiscal 2021, the GAAP operating loss was $263 million, or 83 percent of total revenue, compared to a GAAP operating loss of $45 million, or 23 percent of total revenue, in the first quarter.
- In Q2 of fiscal 2021, non-GAAP net loss was $16 million, compared to non-GAAP net income of $10 million.
- In Q2 of fiscal 2021, net cash used in operations was $3 million, or 1% of total revenue, relative to net cash produced by operations of $11 million, or 5% of total revenue.
- At the end of July 2021, cash, cash equivalents, and short-term investments totaled $2.47 billion.