Okta (OKTA) has released an update.
The Company has announced a restructuring plan to enhance operating efficiencies and promote profitable growth, which includes cutting its workforce by 7% (around 400 full-time employees) and expects to incur $24 million in restructuring charges for severance and benefits. These charges will be recognized in the fourth quarter of fiscal 2024 and are to be paid the following quarter, with a minor adjustment to stock-based compensation expenses. The reported forward-looking statements are based on expectations and are subject to risks, not to be considered as filed documents or incorporated by reference in any legal filings.
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For a comprehensive understanding of the announcement, you can read the full document here.
