Okta Announces Second Round of Layoffs, 400 Employees to be Let Go

Despite the layoffs, the cybersecurity firm's revenue grew 21% year over year, according to recent fiscal results.

San Francisco-based cybersecurity firm Okta announced it will lay off about 400 employees, approximately 7% of its workforce.
The decision came after a fiscal-year business planning process with the company's leadership team, according to CEO Todd McKinnon.
McKinnon cited the need for greater efficiency and mindful spending as reasons for the layoffs.
This is the second round of layoffs for Okta, following a reduction of 300 employees in February 2023.
Despite the layoffs, Okta's revenue grew 21% year over year to $584 million, according to third-quarter fiscal-year results announced in November 2023.