Why Okta Shares Are Moving Today
Portfolio Pulse from Vaishali Prayag
Okta's shares fell after reporting Q2 results. Despite beating revenue and EPS estimates, subscription revenue growth decelerated, and guidance for cRPO growth was weaker than expected. Analysts had mixed reactions, with some downgrading the stock due to concerns over growth trajectory.
August 29, 2024 | 7:53 pm
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Okta's stock fell 17.5% after Q2 results showed decelerating subscription growth and weaker guidance. Analysts had mixed reactions, with some downgrading the stock due to growth concerns.
Okta's Q2 results beat revenue and EPS estimates, but the deceleration in subscription revenue growth and weaker guidance for cRPO growth led to a significant stock price drop. Analysts' mixed reactions, including a downgrade from B of A Securities, highlight concerns over Okta's growth trajectory, contributing to the negative short-term impact on the stock.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100