Okta Stock Surges 30% on Strong Earnings, Enterprise Demand
Okta (OKTA) stock has surged by nearly 30% after the company released its second-quarter fiscal 2027 results, exceeding analysts' expectations. The company reported a revenue increase of 11% year-over-year to $805 million and subscription revenues rose 12% to $793 million.
Adjusted earnings per share came in at $1.05, surpassing the Zacks Consensus Estimate by 9.38%. Okta's remaining performance obligation (RPO) increased 17% to $4.86 billion and current RPO (cRPO) rose 14% to $2.59 billion.
The company is benefiting from strong enterprise demand, with the number of customers generating more than $1 million in Annual Contract Value (ACV) increasing by over 20%. Okta has also expanded its relationships with companies such as AWS, Cisco, OpenAI, Databricks, and Snowflake.