Shares of Okta Inc. surged 6.5% in premarket trading Thursday, after the provider of identity management software for businesses said it would lay off about...
Shares of Okta Inc.
surged 6.5% in premarket trading Thursday, after the provider of identity management software for businesses said it would lay off about 300 employees as part of a cost-cutting plan. With 6,037 employees as of Oct. 31, the job cuts would reduce Okta’s workforce by about 5%. The company said it will recognize a restructuring charge of about $15 million for severance and benefits costs, which will primarily be paid out in the first quarter of fiscal 2024, which ends in April.
surged 6.5% in premarket trading Thursday, after the provider of identity management software for businesses said it would lay off about 300 employees as part of a cost-cutting plan. With 6,037 employees as of Oct. 31, the job cuts would reduce Okta’s workforce by about 5%. The company said it will recognize a restructuring charge of about $15 million for severance and benefits costs, which will primarily be paid out in the first quarter of fiscal 2024, which ends in April.
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