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Why Okta Stock Got Destroyed Today

TheMotleyFool

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Why Okta Stock Got Destroyed TodayPhoto, wide shot, wide-angle lens, Software company, sunset photo at golden hour, photo by Marc Adamus: https://img.theapi.app/temp/9d624ad0-0157-4808-b12c-caf136345180.png

Shares of Okta (NASDAQ: OKTA) stock, the cloud-based cybersecurity company, crashed today despite beating expectations in its earnings report last night -- down 10% as of 11:20 a.m. ET.

Heading into the fourth quarter of fiscal year 2022, analysts had forecast that Okta would lose $0.24 per share (adjusted) on less than $360 million in sales. As it turned out, Okta lost only $0.18 per share, and scored $383 million in sales -- but investors didn't care.

Image source: Getty Images.

Source Fool.com

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