Okta (NASDAQ: OKTA) shareholders lost ground to the market on Friday. The cybersecurity specialist's stock was down 5% by 3 p.m. ET compared to a 2.6% slump in the S&P 500. The dip added to a tough year for investors in the stock, which remains down nearly 60% so far in 2022.

It was powered partly by general fears on Wall Street, but Okta is also due to announce earnings and potentially disappointing operating results in a few days.

The most direct reason for Okta's stock decline on Friday was the market's drop. The tech-heavy Nasdaq index dove 3.2% by 3 p.m., and that bearish move dragged most tech companies down. Microsoft and Palo Alto Networks, for example, each fell by 3%.

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Source Fool.com