Okta cuts 300 jobs (5% workforce), expects $15M restructuring charge in Q4 FY23

Okta, Inc.

Workforce reduction of ~300 employees (5% of global staff) announced Feb 2, 2023.
Estimated $15M restructuring charge in Q4 FY23 for severance and benefits, paid mostly in Q1 FY24.
Charges will be excluded from non-GAAP measures; stock-based comp impact expected to be insignificant.
CEO cites overhiring and execution challenges; aims to improve profitability and focus on efficiency.
US employees get min 13 weeks pay, healthcare through June 30, FY23 bonus eligibility, and RSU vesting through March 15.

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