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Okta tops first-quarter results on agentic AI demand
Okta beat Wall Street's fiscal first-quarter estimates after the bell on Thursday as demand for identity security tools spikes with the onslaught of agentic artificial intelligence.
The identity security provider said revenue grew 11% from a year ago. Net income rose to $74 million, or 42 cents per share, from $62 million, or 35 cents per share, a year ago.
CEO Todd McKinnon told CNBC that the agentic AI buildout is spiking demand for identity tools from Okta, but AI is not yet a majority of its revenues.
"We're playing a long game here," he said. "It's not billions of dollars of token spend right now, it's plumbing for what's going to be required for the next five and 10 years, so I feel like it's less susceptible to euphoria."
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