Okta pops 20% after topping estimates as AI threat spikes demand for identity security
New products accounted for 30% of total bookings and Okta said it closed dozens of AI deals during the period
AI Summary
Okta shares rose about 15% after beating fiscal second-quarter estimates, with revenue of $805 million and adjusted earnings of $1.05 per share. New products, including its widely available AI agent security tool, accounted for 30% of total bookings, and the company closed dozens of AI deals. CEO Todd McKinnon highlighted that the rise of agentic AI and related cyber threats is driving demand for identity security, which he predicts will become the dominant cybersecurity category within five to ten years.