Why Okta Just Made a $6.5 Billion Acquisition
Shares of Okta (NASDAQ: OKTA) were sliding after the company reported fiscal 2021 fourth-quarter earnings on Wednesday. The cloud-based provider of identity-based verification tools that allow customers and employees to seamlessly and securely log in delivered another solid quarter, beating estimates, but the market sentiment seems to be turning against high-priced tech stocks.
As for the key numbers in the earnings report, revenue increased 40% to $234.7 million, topping the consensus estimate of $221.9 million, and it delivered a per-share profit of $0.06, up from a loss of penny per share in the year-ago quarter, which beat estimates at the same mark.
However, the big news from Okta in the quarter was that it would acquire Auth0, a cloud-native provider of identity authorization.
Source Fool.com
