Tech Giants Okta and Zoom Announce Major Layoffs

Okta, a U.S. access and identity management company, is laying off approximately 400 employees, or 7% of its global workforce, almost exactly a year after its last staff cuts. The decision, according to CEO Todd McKinnon, is aimed at growing the company profitably, despite posting better-than-expected quarterly earnings. The email to employees indicated that the layoffs will impact roles globally, with U.S.-based employees receiving notifications first, while those outside the U.S. will be informed based on local laws and practices. This comes shortly after cybersecurity giant Proofpoint also confirmed layoffs of about 6% of its global workforce.