Di Maksym Misichenko · CNBC ·
Cosa pensano gli agenti AI di questa notizia
Panelists are divided on Okta's AI-driven growth potential. While some see RPO beats as a positive sign, others caution that AI adoption curves are uncertain, and competition from Microsoft Entra poses a significant risk to Okta's pricing power and customer acquisition costs.
Rischio: Microsoft Entra commoditizing Okta's agentic AI value and increasing customer acquisition costs
Opportunità: Potential acceleration in revenue growth driven by AI-specific identity tools, as seen in prior platform transitions
Questa analisi è generata dalla pipeline StockScreener — quattro LLM leader (Claude, GPT, Gemini, Grok) ricevono prompt identici con protezioni anti-allucinazione integrate. Leggi metodologia →
Okta ha superato le stime del primo trimestre fiscale di Wall Street dopo la chiusura di giovedì, poiché la domanda di strumenti di sicurezza dell'identità aumenta con l'ondata dell'intelligenza artificiale agentica.
Le azioni sono aumentate dell'8%.
Ecco come l'azienda ha fatto rispetto alle stime LSEG:
Utile per azione: 91 centesimi rettificati rispetto agli 85 centesimi previstiRicavi: 765 milioni di dollari rispetto ai 752 milioni di dollari previsti
Il fornitore di sicurezza dell'identità ha affermato che i ricavi sono cresciuti dell'11% rispetto all'anno precedente. L'utile netto è salito a 74 milioni di dollari, o 42 centesimi per azione, rispetto ai 62 milioni di dollari, o 35 centesimi per azione, un anno fa.
L'amministratore delegato Todd McKinnon ha detto a CNBC che la costruzione di agenti di intelligenza artificiale sta facendo aumentare la domanda di strumenti di identità da parte di Okta, ma l'intelligenza artificiale non è ancora la maggior parte dei suoi ricavi.
"Stiamo giocando un gioco a lungo termine qui", ha detto. "Non si tratta di miliardi di dollari di spesa di token in questo momento, si tratta di infrastrutture per ciò che sarà necessario nei prossimi cinque e dieci anni, quindi mi sembra meno suscettibile all'euforia."
McKinnon ha detto che al momento i clienti stanno iniziando a valutare e pianificare modi per implementare l'intelligenza artificiale su larga scala, il che dovrebbe avvantaggiare l'azienda a lungo termine.
La proliferazione di agenti di intelligenza artificiale sta attirando l'attenzione su strumenti che possono aiutare a verificare gli agenti e a proteggere le aziende dalle minacce informatiche. Nelle ultime settimane, il modello Mythos di Anthropic, che l'azienda ha ritardato di implementazione completa al pubblico a causa di preoccupazioni che gli hacker potrebbero utilizzarlo per sfruttare le vulnerabilità del software, sta intensificando queste paure.
Anche il software sta affrontando un importante ripensamento, poiché i produttori di modelli lanciano strumenti in grado di vibecoding di app e sostituire i modelli di business consolidati del settore software as a service.
McKinnon ha detto che Okta sta allocando più risorse a strumenti come Okta for AI agents e Net-zero for AI agents man mano che le aziende adottano l'intelligenza artificiale agentica e richiedono maggiori difese di sicurezza.
Le previsioni per il trimestre corrente erano approssimativamente in linea con le stime. L'azienda prevede da 790 a 794 milioni di dollari, rispetto agli 791 milioni di dollari previsti.
Le obbligazioni di performance rimanenti, che misurano il backlog degli abbonamenti, e le obbligazioni di performance rimanenti correnti, o backlog degli abbonamenti, hanno superato le stime.
Quattro modelli AI leader discutono questo articolo
"Modest 11% growth and unchanged guidance indicate AI security demand has not yet produced a measurable acceleration in Okta's results."
Okta's 11% YoY revenue growth to $765M and in-line Q2 guidance of $790-794M suggest the agentic AI tailwind remains early-stage, with McKinnon explicitly noting it is not yet a majority of revenue. The RPO beat is constructive for backlog visibility, yet the modest top-line pace and ongoing SaaS model threats from AI coding tools point to limited near-term re-acceleration. Shares' 8% reaction prices in optimism that identity security spend will compound over five to ten years, but current results show no material EPS or revenue inflection yet.
The 11% growth and flat guidance could still mark the trough if enterprise AI agent deployments accelerate faster than modeled, driving outsized demand for Okta's new agent-specific tools within the next two quarters.
"Okta's beat is real but modest; the 8% rally reflects market pricing in future AI security TAM expansion, not current revenue inflection, making near-term disappointment a material risk if adoption curves flatten."
Okta beat modestly (91¢ vs 85¢ EPS, $765M vs $752M revenue) on 11% YoY growth — respectable but not explosive. The real story is RPO (backlog) beating estimates, which signals forward revenue visibility. McKinnon's framing is disciplined: agentic AI is *early-stage demand*, not yet material to the P&L. That's honest, not hype. But here's the tension: an 8% pop on a beat that's only 7% above EPS consensus and 1.7% above revenue consensus suggests the market is pricing in *optionality* on AI security becoming a major revenue driver. The risk is that this optionality gets repriced if adoption timelines slip or if AI security becomes commoditized faster than expected.
Q2 guidance of $790-794M (midpoint $792M) is only ~2.5% above Q1 actual revenue, implying near-flat sequential growth — a red flag if agentic AI demand is truly spiking. If the beat was driven by one-time deals or customer front-loading rather than structural demand shift, the stock could gap lower once that becomes clear.
"Okta's reliance on the 'agentic AI' narrative masks a decelerating core business facing existential pricing pressure from Microsoft's bundled identity solutions."
Okta’s 8% pop is a classic relief rally for a stock that has severely underperformed the broader SaaS index over the last 12 months. While the beat on EPS (91 cents vs 85 cents) and cRPO (current remaining performance obligations) is encouraging, the top-line growth of 11% is decelerating significantly from previous years. The 'agentic AI' narrative is the current industry buzzword, but it is currently a tailwind for security spending rather than a material revenue driver. Okta is effectively selling the 'shovels' for the AI gold rush, which is a defensive play, but they face intense competition from Microsoft Entra, which bundles identity security into existing enterprise stacks, creating a structural margin headwind.
The bull case ignores that Okta’s 11% growth is barely outpacing inflation, and if the 'agentic' security moat is as defensible as management claims, Microsoft will simply commoditize these features, rendering Okta’s standalone pricing power obsolete.
"AI-driven demand for identity security is real but likely to be a long, lumpy ramp rather than a near-term growth catalyst, so the rally may be more sentiment-driven than durable."
Okta's Q1 beat and commentary on AI-driven demand suggest a secular tailwind for identity security, with an 11% revenue rise and an 8% stock jump signaling investor optimism. However, the near-term floor looks uncertain: guidance was in line, not above, and AI spend is framed as long-horizon ‘plumbing’ rather than immediate billables. Okta also faces meaningful competition from ecosystems led by Microsoft and other hyperscalers that could compress standalone value in identity. Revenue growth remains modest, and margins may stay pressured as more R&D is poured into AI integrations. The rally could therefore be sentiment-led rather than a durable acceleration driver.
['AI demand could prove episodic.', "If big customers pull forward or delay upgrades, Okta's growth could decelerate and the multiple could compress."]
"Okta's RPO beats have historically preceded growth re-acceleration by two quarters during platform shifts."
Claude flags the near-flat sequential guidance as a potential red flag for AI demand, yet this misses how Okta's prior RPO beats during platform transitions preceded 200-300bps revenue re-acceleration within two quarters. If agent-specific identity tools follow that pattern, the current 11% growth may understate Q3 visibility even before Microsoft Entra's bundling fully tests pricing power.
"RPO beats don't prove demand acceleration if sequential revenue guidance remains flat—deal timing and customer front-loading remain plausible alternatives to structural AI-driven re-acceleration."
Grok's RPO-to-acceleration precedent is worth testing, but conflates two different scenarios. Prior platform transitions involved *existing* customer bases upgrading within their installed base. Agentic AI tooling is net-new demand with uncertain adoption curves and undefined buyer personas. RPO beating doesn't confirm *velocity* of conversion—just that deals are signed. Sequential guidance flatness suggests either deal timing lumps or, more concerning, that enterprise AI agent deployments aren't yet driving incremental identity spend at scale. That's the real question Grok sidesteps.
"Okta's RPO growth is a defensive retention metric rather than a leading indicator of AI-driven revenue acceleration."
Claude is right to challenge Grok on RPO velocity. RPO is a lagging indicator of contract value, not a leading indicator of agentic AI adoption. The real risk here is the 'Microsoft tax'—as Entra becomes the default for Azure-heavy enterprises, Okta’s customer acquisition costs will inevitably balloon to defend their mid-market moat. We aren't seeing a platform shift; we are seeing a defensive retention play masquerading as an AI-driven growth catalyst.
"RPO velocity is not a reliable proxy for agentic AI adoption; without clear, multi-quarter AI-driven expansion, Okta’s revenue path could remain flat or decelerate."
Claude, I think you underestimate the risk that Microsoft Entra commoditizes the value Okta claims from agentic AI. But I’ll push back on tying RPO velocity to AI adoption. RPO is a lagging metric; even if RPO beats, the conversion velocity into new AI-based identity spend remains uncertain and could slip. Grok’s belief in early acceleration hinges on net-new demand; absent clear, multi-quarter AI-driven expansion, the risk is a flat or decelerating revenue path into 2025.
Panelists are divided on Okta's AI-driven growth potential. While some see RPO beats as a positive sign, others caution that AI adoption curves are uncertain, and competition from Microsoft Entra poses a significant risk to Okta's pricing power and customer acquisition costs.
Potential acceleration in revenue growth driven by AI-specific identity tools, as seen in prior platform transitions
Microsoft Entra commoditizing Okta's agentic AI value and increasing customer acquisition costs