Okta hikes annual earnings guidance by about a third after weakness doesn't materialize, stock rallies more than 10%

Okta Inc. late Wednesday hiked its annual earnings outlook by about a third after the identity-management software company’s worst-case scenario of weak business spending never materialized.Okta said sees adjusted third-quarter earnings of 29 cents to 30 cents a share on revenue of $558 million to $560 million, while analysts had forecast 29 cents a share on revenue of $552.9 million,

Last quarter, Okta shares fell under pressure after the company gave a strong forecast but warned macroeconomic conditions could worsen. Of the top 25 $1 million-plus deals that Okta has under contract, the total value of those deals was for more than $100 million, notable for a company Okta’s size, McKinnon told MarketWatch.

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