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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.

Overview

  • 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.