this post was submitted on 03 Feb 2024
83 points (96.6% liked)

Technology

62012 readers
4659 users here now

This is a most excellent place for technology news and articles.


Our Rules


  1. Follow the lemmy.world rules.
  2. Only tech related content.
  3. Be excellent to each other!
  4. Mod approved content bots can post up to 10 articles per day.
  5. Threads asking for personal tech support may be deleted.
  6. Politics threads may be removed.
  7. No memes allowed as posts, OK to post as comments.
  8. Only approved bots from the list below, to ask if your bot can be added please contact us.
  9. Check for duplicates before posting, duplicates may be removed
  10. Accounts 7 days and younger will have their posts automatically removed.

Approved Bots


founded 2 years ago
MODERATORS
 

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.

top 12 comments
sorted by: hot top controversial new old
[–] [email protected] 77 points 1 year 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.

[–] [email protected] 14 points 1 year ago

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

[–] [email protected] 8 points 1 year ago* (last edited 1 year 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

[–] [email protected] 48 points 1 year ago

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

[–] [email protected] 25 points 1 year ago (2 children)

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

[–] [email protected] 16 points 1 year ago (1 children)

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

[–] [email protected] 5 points 1 year ago (1 children)

It wasn’t my choice 🥲

[–] [email protected] 1 points 1 year ago (1 children)

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

[–] [email protected] 0 points 1 year 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 1 points 1 year ago
[–] [email protected] 6 points 1 year ago* (last edited 1 year ago) (1 children)

Okta is a tech giant now?!

[–] [email protected] 5 points 1 year ago

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