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Okta shares plunge on plans to acquire rival Auth0 and cautious earnings guidance SHARE Cloud identity access management firm Okta Inc. said today it will acquire rival Auth0 Inc. in an all-stock transaction valued at $6.5 billion. The news came just hours before Okta announced earnings results that exceeded analyst expectations but gave guidance that disappointed some market watchers. That, combined with the size of the Auth0 deal spooked some investors, who sent Okta stock down more than 11% after hours on top of a nearly 7% drop during a dismal day for the Nasdaq. The strength of Wall Street’s reaction caught Okta Chief Operating Officer Frederic Kerrest (pictured) a bit off-guard. “I’m a little surprised, but we had strong financial results across the board,” he said in an interview with SiliconANGLE. “We are running this business the way we think we should. We’re playing the long game.”

Henrique teixeiraFrederic kerrestTodd mckinnonGartner teixeiraGartner incOkta incMicrosoft corpSiliconangle media incWall streetOkta chief operating officer frederic kerrestOkta chief executive todd mckinnonCommon information modelFortune business insightsChief financial officer bill loschSilicon valleyPaul gillin