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    Home » Layoffs at Okta: 400 jobs will be cut as part of profitable growth plan
    Financial Market

    Layoffs at Okta: 400 jobs will be cut as part of profitable growth plan

    ZEMS BLOGBy ZEMS BLOGFebruary 1, 2024No Comments2 Mins Read
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    Shares of Okta Inc. rose. On Thursday, after the identity software company said it would lay off about 7% of its workforce as part of a restructuring aimed at improving efficiency and profitability.

    The company disclosed in an 8-K filing with the Securities and Exchange Commission that the restructuring includes eliminating 400 full-time jobs.

    This will result in a restructuring charge of $24 million in the fiscal fourth quarter to cover employee benefits and compensation costs, most of which will be paid in the first quarter. The fourth quarter ended in January.

    arrow octa,
    +2.56%
    It rose by 1.9% in morning trading, after falling by 8.7% in January.

    Separately, the company reiterated the fourth-quarter financial guidance it provided when it announced third-quarter results on November 29. Okta then said it expects adjusted earnings per share of 50 cents to 51 cents and revenue of $585 million to $587 million. , which compares to the current FactSet consensus for EPS of 51 cents and revenue of $587.2 million.

    “[T]The company announced to its employees a restructuring plan aimed at improving operating efficiencies and strengthening the company's commitment to profitable growth.

    The company announced a total net loss of $119 million for the first three quarters of the current fiscal year, after recording a loss of $815 million for the fiscal year until January 31, 2023.

    The stock is up 20.3% over the past three months through Wednesday and is up 8.5% over the past 12 months. In comparison, the S&P 500 SPX,
    +0.45%
    By 17.6% over the past year.

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