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Unprofitable SF tech giant Okta lays off 400 workers, dozens in California (www.sfgate.com)

submitted 9 months ago by L4s@lemmy.world to c/technology@lemmy.world

12 comments fedilink hide all child comments

Unprofitable SF tech giant Okta lays off 400 workers, dozens in California::Okta, the San Francisco-based maker of identity and access tech, is laying off 400 workers, including 83 in California. CEO Todd McKinnon announced the news.

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[–] darkevilmac@lemmy.zip 77 points 9 months ago (2 children)

I kind of wonder how a company with such an iron grip on SSO can't manage to be profitable. That and I literally saw a job listing from Okta last weekend, so they're probably just trying to replace their tenured high cost employees with cheaper workers.

[–] Darorad@lemmy.world 14 points 9 months ago

It could also have been a ghost listing, but yeah, I'm baffled they aren't profitable

[–] Badeendje@lemmy.world 8 points 9 months ago* (last edited 9 months ago)

~~Probably because for the development stage they racked up such a massive debt they are collapsing under that weight.~~

Nope: looking at the linked filing, their sales and marketing is about half of their operating expenses. This includes sales and marketing direct cost, employees and stock options. Seems like they spend a lot of their budget there. And when their subscription income fell they need to follow suit. This was seen coming from a mile away.

https://www.sec.gov/ixviewer/ix.html?doc=/Archives/edgar/data/0001660134/000166013423000068/okta-20231031.htm

[–] svnssh@lemmy.world 48 points 9 months ago

CEO shouldn’t have a job anymore. How is a company like this not profitable.

[–] satanmat@lemmy.world 25 points 9 months ago (2 children)

Oh thank god we just moved our auth to them. Such good news. Feck

[–] glowie@h4x0r.host 16 points 9 months ago (1 children)

It's such a shitty MFA service. RIP to them getting pwned again.

[–] satanmat@lemmy.world 5 points 9 months ago (1 children)

It wasn’t my choice 🥲

[–] porksoda@lemmy.world 1 points 9 months ago (1 children)

What would you have recommended? We're shopping solutions right now and looking at Auth0.com

[–] satanmat@lemmy.world 0 points 9 months ago

I have no idea. For a business it kinda makes a bit of sense; as we don’t have to have a RODC exposed ; but for me Okta is a solution in search of a problem

Now, having years of work in it. Oh joy they’ve achieved bugger all.

[–] leclownfou@sh.itjust.works 1 points 9 months ago

Same!

[–] elephantium@lemmy.world 6 points 9 months ago* (last edited 9 months ago) (1 children)

Okta is a tech giant now?!

[–] TheDarkKnight@lemmy.world 5 points 9 months ago

Pretty big in their space, not eure for how much longer though.