Okta Inc

Snowflake shares dropped 8.4% to $121.11 on Friday, extending losses after an 11.7% decline Thursday, as AI disruption fears sparked a sector-wide selloff.

Okta reported Q4 revenue of $761 million, up 11%, and adjusted EPS of $0.90, both exceeding expectations. However, the company forecast just 9% revenue growth for the current quarter, its slowest since going public.

Okta's first-quarter revenue guidance of $749M-$753M missed Wall Street expectations, marking its weakest projected growth since going public. The identity management firm beat Q4 estimates but struck a cautious tone on enterprise spending.

Okta shares fell in extended trading after the company projected approximately 9% revenue growth for its upcoming fiscal year, despite reporting better-than-expected fourth-quarter results and expanding its security offerings for AI agents.

MongoDB shares fell sharply following a quarterly report that beat earnings but offered a weaker-than-expected forecast, prompting several analyst target cuts.

CrowdStrike Holdings dropped sharply, with cybersecurity stocks broadly declining following Anthropic's launch of a Claude security tool. The sector faces renewed AI competition concerns ahead of key earnings reports.