Memo: Okta CEO Todd McKinnon says the company plans to lay off 400 employees, or ~7% of its staff, as the "reality is that costs are still too high" (Rohan Goswami/CNBC)

Rohan Goswami / CNBC:

Memo: Okta CEO Todd McKinnon says the company plans to lay off 400 employees, or ~7% of its staff, as the “reality is that costs are still too high”  —  KEY POINTS  — Identity management company Okta said on Thursday in a message to employees that it would lay off 400 employees, about 7% of the company’s headcount.