Okta to lay off 7% of staff, about 400 employees
Publishing timestamp: 2024-02-01 11:10:16
Summary
Okta, an identity management company, announced that it will be laying off 400 employees, which is about 7% of its workforce. The CEO cited high costs as the reason for the layoffs and emphasized the need for greater efficiency. Okta's shares rose in premarket trading on the news. This comes as many tech companies have been trimming their headcounts in the opening weeks of 2024. The company had previously undergone a smaller round of layoffs in February 2023. The CEO expressed regret for the impact on affected employees and outlined the support and resources that will be provided during the transition.
Sentiment: NEGATIVE
Tickers: OKTA,
Keywords: enterprise, earnings, technology, layoffs, personnel, internet, breaking news, business news, cybersecurity, okta inc, breaking news: technology, labor economy,
Source: https://www.cnbc.com/2024/02/01/okta-to-lay-off-7percent-of-staff-about-400-employees.html