Billion-Dollar Unicorns: Okta Faces Tougher Competition From Cisco>
Seeking Alpha – Sramana Mitra
Summary Interest in Okta has soared in recent months given acquisitions. Cisco has really stirred the pot in the industry. Over the past few years, it has been slowly adding to its security portfolio. Billion-Dollar Unicorn Okta (NASDAQ:OKTA) recently reported its second quarter results that surpassed market expectations. Revenues for the quarter increased 57% to $94.6 million, ahead of the market’s forecast of $84.7 million. It ended the quarter with a non GAAP net loss of $0.15 per share, compared with the Street’s forecast of a loss of $0.20 per share. Earlier last quarter, Okta announced the acquisition of zero trust security firm ScaleFT for an undisclosed sum. ScaleFT was founded in 2015 by Jason Luce and Paul Querna. Okta plans to integrate ScaleFT’s platform with its Identity Cloud to improve its contextual access management offering. Last quarter, Cisco announced the acquisition of privately held Duo Security for $2.35 billion. Cisco has really stirred the pot in the industry.12
Link: https://seekingalpha.com/article/4210179-billion-dollar-unicorns-okta-faces-tougher-competition-cisco