Why Okta Stock Was Up Big This Week
Okta (NASDAQ: OKTA) investors had a great week. The cybersecurity specialist's shares jumped 35% through Thursday trading, according to data provided by S&P Global Market Intelligence. That's compared to a 1.3% increase in the wider market. The stock remains in deeply negative territory for the year, though. It is down nearly 70% since the start of 2022.
This week's rally was sparked by a surprisingly strong third-quarter earnings report.
Okta announced late Wednesday that Q3 sales rose 37% to $481 million. That result easily surpassed the company's late August forecast of sales landing between $463 million and $465 million. Okta executives said the company is making progress in its integration of the recently acquired Auth0 business.
Source Fool.com
