Okta Reports Strong Q4 & Annual Results Despite Economic Downturn
Okta has released its Q4 and fiscal year results. Despite the economic downturn caused by the war, the company has delivered solid returns. Okta’s strong performance in the past fiscal year is because of its focus on providing its customers with secure and seamless identity management solutions.
As remote work became the norm due to the pandemic, Okta’s products became even more essential to businesses looking to secure their digital assets and protect their employees’ identities.
In a statement, CEO Todd McKinnon expressed confidence in Okta’s ability to deliver on its promises, saying, “Our results this year are a true testament to the capabilities of our platform and our team’s execution in a challenging environment. As we look to 2023, we are well-positioned to capture the significant opportunity in front of us and continue to deliver value to our customers and shareholders.
Okta’s Fourth Quarter Results
Okta, the leading identity management company, has reported impressive financial results for its fiscal year. The company’s total revenue reached $510 million, marking a 33% increase year-over-year. Most of the revenue came from subscription revenue, which amounted to $495 million, up 34% from the previous year.
Okta’s subscription backlog, representing the total value of future contracted subscription revenue, increased by 12% to $3.01 billion year-over-year, demonstrating the company’s strong customer base and growth potential.
In Q4, Okta’s contracted subscription revenue was up 25% to $1.68 billion, highlighting its ability to secure long-term customer contracts and its continued growth trajectory. Okta’s results for the fiscal year reveal a strong performance across various metrics.
The company’s calculated billings reached $710 million, representing an increase of over 17% year-over-year. However, Okta’s GAAP operating loss increased by 31% to $157 million in the fiscal year.
Despite this, the company reported a significant increase in non-GAAP income, which reached $46 million in Q4, up from $24 million the previous year. Okta’s revenue was $1.86 billion for the full year, marking a 43% increase year-over-year. In addition, the company’s calculated billings reached $2.1 billion, up 25% from the previous year.
Okta’s strong financial performance results from its continued investment in product innovation and focus on customer satisfaction. The company’s products and services have become essential to businesses looking to secure their digital assets and protect their employees’ identities.
Okta is a cloud-based identity management company that provides secure and seamless access to enterprise applications, data, and services from any device, anywhere, and anytime. The platform protects businesses’ digital assets and users’ identities while increasing efficiency and productivity.
Okta’s products are used by thousands of organizations worldwide, including many Fortune 500 companies, to secure their digital assets and simplify their IT operations. In addition, Okta is a leading player in the rapidly growing identity and access management market, focusing on innovation, customer satisfaction, and growth.