Okta to Cut 400 Jobs Following Tech Peers in Reducing Costs

Okta Inc., a software company known for login and identity services, is cutting 7% of its staff to reduce costs, adding to a list of other tech firms that have been doing the same this year.

The reductions will impact about 400 employees, Chief Executive Officer Todd McKinnon wrote in an email to staff on Thursday. “We need to be mindful of our overall spend so we can continue to invest in the areas, products and routes to market with the most opportunity,” he said.