CrowdStrike is seeing much more demand for its solutions and posted good numbers for its second quarter of fiscal 2024. Okta also saw revenue growth in the second quarter of this fiscal year.
The CrowdStrike quarterly figures show that the security company posted revenue of 674.1 million euros ($731.6 million). This was 37 percent higher compared to the same period for fiscal 2023. Back then, revenue came in at $537.1 million.
According to CrowdStrike, the growth in revenue is mainly due to a strong increase in subscriptions for its services. These include cloud-based data and identity protection services through its SaaS platform. The stock market rewarded CrowdStrike with a 10 percent increase in share value.
Okta also posts higher quarterly results
Okta is also benefiting from the growing demand for security and authentication services. The company managed to record revenue growth for the second quarter of fiscal 2024. In the quarter, Okta’s revenue increased 23 percent to $556 million. Reasons for the increase in revenue, according to Okta, are that companies are doing a lot to simplify their infrastructure and improve their security by integrating identity management into their key projects.
The stock market also rewarded Okta for its good quarterly results. The stock rose 8.59 percent.