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Why Okta Stock Surged Today

TheMotleyFool

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Shares of Okta (NASDAQ: OKTA) climbed 11.7% on Thursday, following the release of the identity management leader's fiscal 2022 third-quarter results.

Okta's revenue surged 61% year over year to $351 million. The gains were boosted by Okta's acquisition of secure access platform Auth0 in May. Excluding the $46 million in revenue that Auth0 contributed in the quarter, Okta's adjusted revenue rose 40%.

"We're maintaining the momentum of both Okta and Auth0 and are making great progress on the integration," Okta CEO Todd McKinnon said in a statement. "We're already seeing early success cross-selling into each other's customer bases and are on our way to capturing more of the massive identity market faster together."

Source Fool.com

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