Shareholders of Okta (NASDAQ: OKTA) lost ground to the market early Monday, with shares diving 10% by 11 a.m. ET compared to a 2% slump in the S&P 500. The decline pushed the specialist in digital identity-management software deeper into negative territory so far in 2022. Shares are down nearly 60% this year compared to a 14% drop in the wider market.
The slump came as investors continued to move away from high-growth businesses that have yet to demonstrate stable earnings growth.
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Source Fool.com