Okta Inc. (NASDAQ: OKTA) saw its shares surge 6.16% in after-hours trading on Monday, building on a strong week that saw an 11.81% increase. The latest jump comes on the heels of the company's announcement of Auth for GenAI, a new offering aimed at enhancing security for AI applications, and recent positive financial results.
The launch of Auth for GenAI, part of the Auth0 Platform, allows developers to integrate secure identity solutions into AI applications. This move aligns with growing global concerns over data protection in AI systems and showcases Okta's commitment to innovation in the rapidly evolving AI security landscape. The positive market reaction suggests investors are optimistic about Okta's strategic positioning in this high-growth area.
Adding to investor confidence, Okta recently reported strong financial results for the fiscal year ending January 31, 2025. The company saw its revenue increase significantly to $2.61 billion and achieved a notable turnaround in profitability, posting a net income of $28 million compared to a loss of $355 million in the previous year. Looking ahead, Okta projects continued growth with fiscal year 2026 revenue expected to reach between $2.85 billion and $2.86 billion. These solid financials, combined with the company's latest product offering, appear to be driving the stock's positive momentum.
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