on Thursday and its CEO Todd McKinnon told Business Insider that he thinks Okta has just scratched the surface of its long term potential.
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. Two important metrics for growth showed strong results for the quarter as well. Subscription revenue rose 48% to $144.5 million, beating estimates of $135.3 million and billings grew 42% to $175.6 million, beating estimates of $165.8 million.
But that growth is attainable, he said, and current industry trends are in Okta's favor. One of the things that will help, is Okta's strength in its enterprise business. 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. Analysts at William Blair think Okta has been able to get these new large customers by making its products very flexible and, which these companies may have been searching for.
That trend of cloud adoption also feeds into Okta's future prospects, he said. He thinks companies are increasingly abandoning the model of using one large technology vendor to serve all their IT needs, and are now looking for the best vendor for each service. "Okta is benefiting from the rise of SaaS usage which is likely still in the early innings. As organizations continue to decentralize their compute needs, Okta's ability to securely create connections between users and applications becomes more applicable," writes Jonathan B. Reykjav, an analyst at Baird Equity Research in a note published Friday.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The CEO of Kustomer wants to build a 'modern Salesforce' platform - Business InsiderA former Salesforce VP has raised 4 rounds of funding in 18 months for a startup called Kustomer. His model: Salesforce.
Source: BusinessInsider - 🏆 729. / 51 Read more »
The CEO of Bill and Melinda Gates' multibillion-dollar nonprofit is stepping down - Business InsiderSusan Desmond-Hellmann expanded the nonprofit and led it through challenges, such as a lawsuit that provided a rare look into its operations.
Source: BusinessInsider - 🏆 729. / 51 Read more »
The CEO of Moncler plays down rumors of a possible Kering takeover - Business InsiderBloomberg reported Wednesday that senior executives at Kering and Moncler held talks to discuss a possible deal.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Professor Scott Galloway to Twitter's executive chairman: Replace CEO Jack Dorsey - Business InsiderProfessor Scott Galloway owns approximately 334,000 shares in Twitter, and he has something to say about the company's leadership. profgalloway Financial advisor here... I own Bitcoin and 6 other crypto currencies. I wouldn't personally recommend it for all my clients but if you want to own it.i definitely don't think it's a bad idea. Keep 90-95% of your portfolio In a traditional model and take some risks with 5-10% profgalloway Galloway is gonna clean house at the Twitter headquarters. profgalloway well, do you expect a better saner sounder advise from a professor? Those that know, do. Those that understand, teach. profgalloway knows no shit but understands a lot of it.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Slack's CEO confronted competition from Microsoft Teams but investors are still skeptical - Business InsiderSlack CEO Stewart Butterfield addressed competition with Microsoft Teams in the company's latest earnings call but analysts are still skeptical. I've seen this episode of Silicon Valley already. Oh man someone’s triggered. Slack is a terrible platform, I can see why he’s upset. SAI Did the CEO offer any path to a profitable quarter at any point in the future?
Source: BusinessInsider - 🏆 729. / 51 Read more »
Dick's CEO on retailers being forced into the gun control debate - Business InsiderDick's stopped selling AR-15-style weapons in the wake of the deadly Parkland massacre. The decision sparked criticism from right wing figures.
Source: BusinessInsider - 🏆 729. / 51 Read more »