Okta, the identity management system provider, has announced that they are preparing to lay off 400 employees, which accounts for 7% of their total workforce. CEO Todd McKinnon has provided reasons for the layoffs, stating that the company is currently facing the reality of high operating costs. Going forward, the company must consider increasing investments to expand their business in order to ensure long-term success. This is not the first time Okta has laid off employees; they previously laid off 300 positions in February of last year, citing an excessive influx of new hires.
TLDR: Okta is planning to lay off 400 employees, approximately 7% of their workforce, due to high operating costs. The company aims to increase investments to support long-term success. This follows a previous round of layoffs last year when 300 positions were cut. (CNBC)
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