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Okta CEO is crushing burpees — and quarterly earnings

Brian Sozzi
·Editor-at-Large

Okta (OKTA) co-founder and CEO Todd McKinnon is well-known in Silicon Valley as a fitness buff (he digs Crossfit and has been rumored to do handstands with ease).

And in the name of staying sane and fit, let’s just say McKinnon has taken that competitive spirit to a new level as he and his colleagues work from home during the COVID-19 pandemic.

“We’ve had a couple of burpee contests with the employees of the company. We had a contest to see who can get to 75 burpees. That was fun. We are all doing whatever we can,” McKinnon told Yahoo Finance’s The First Trade on his pandemic fitness regimen.

No doubt that more earnings results by Okta like those seen in the second quarter would be healthy for McKinnon, too.

Total revenue for the identity management company surged 43% from the prior year to $200.4 million. Okta swung to a non-GAAP operating profit of $6.5 million from a loss of $9.9 million a year ago. The effect of waves of people working from home — and companies partnering with Okta to keep identities and systems safe while being offsite — was quite apparent in the quarter.

Okta continues to do well amid the shift to working from home.
Okta continues to do well amid the shift to working from home.

Okta added 105 customers with an annual contract value greater than $100,000 in the quarter. Over half of these additions came from new customers. The total number of $100,000-plus customers now stands at nearly 1,700. Moreover, Okta boasts over 100 clients with an annual contract value of greater than $1 million.

Similar to other work from home names such as Zoom and Slack, Wall Street remains bullish on Okta even as it has gained a strong 95% year-to-date. Of the 22 sell-side analysts that cover Okta, 14 rate the stock a Buy, according to Bloomberg data.

To keep the momentum going, McKinnon says he is focused on fine-tuning Okta’s core business of identity management.

“We are working hard to make sure it [our platform] can meet every use case for our customers. It unleashes choice for them and let’s our customers use whatever technology they want to use that’s more effective for their business,” McKinnon notes.

Brian Sozzi is an editor-at-large and co-anchor of The First Trade at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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