Okta, Inc. (OKTA) reported its fiscal Q1 2027 results on October 5, 2023, highlighting a 16% year-over-year increase in Remaining Performance Obligations (RPO) to $4.72 billion and a 12% rise in current RPO. The company’s total revenue reached $765 million, an 11% increase, with subscription revenues also at $750 million. This growth signals strong demand within the identity management sector, underpinned by significant advancements in artificial intelligence (AI) identity solutions.
Looking ahead, Okta anticipates revenues between $790 million and $794 million for Q2 2027, marking a 9% year-over-year growth. Current RPO for this period is projected to range from $2.505 billion to $2.515 billion, indicating an 11% increase. Despite these positive indicators, Okta faces stiff competition from Microsoft and SailPoint in the identity and access management (IAM) landscape.
As of October 2023, Okta shares are up 35.2% year-to-date, although this lags behind the Zacks Security industry’s return of 39.7%. The consensus estimate for Q2 earnings stands at 96 cents per share, reflecting a 5.49% growth year-over-year.
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