Okta (NASDAQ:OKTA) is a San Francisco-based company that provides identity solutions for small enterprises, small and medium-sized businesses, universities, non-profits, and government agencies in the United States and around the world. It is becoming more important to secure one’s identity in a world of worsening cyber theft. That is why Okta’s services have become crucial.
Grand View Research recently estimated that the global cyber security market was worth approximately US$202 billion in 2022. The market researcher projects that this market will deliver a compound annual growth rate (CAGR) of 12% from 2023 through to 2030. Demand for cyber security will only increase as more companies rely on digital services.
Investors can expect to see this company’s fourth quarter and full-year fiscal 2023 results in the beginning of March. It posted revenue growth of 37% in the third quarter. Meanwhile, its GAAP operating loss rose marginally to $207 million compared with a GAAP operating loss of $199 million in the third quarter of fiscal 2022.
Looking to the fourth quarter, Okta forecasts total revenue growth between 27-28% and non-GAAP operating income between $15 million and $17 million. It expects revenue growth of 41% for the full year.
This company is set to deliver strong revenue growth in the quarters to come. Okta may be slightly overvalued at the time of this writing but I’m still looking to stash this stock for the long term as companies respond to growing cyber threats.
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