Okta, a San Francisco tech company, announces a 7% workforce reduction, cutting 400 jobs to manage spending and focus investment.

Okta, a San Francisco-based software company specializing in identity and access management, has announced plans to reduce its workforce by 7%, which is about 400 jobs. The move follows similar actions by other tech giants such as Amazon, Google, and Salesforce. The company cited the need to manage overall spending to continue investing in the most promising areas, products, and markets. This will result in around $24 million in severance and benefit costs during the fourth quarter of fiscal 2024. Despite the layoffs, Okta reaffirmed its quarterly guidance and will announce its financial results on February 28th.

February 01, 2024
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