Yahoo to lay off more than 20% of staff | Mint
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Business News/ Technology / News/  Yahoo to lay off more than 20% of staff
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Yahoo to lay off more than 20% of staff

The cuts will impact nearly 50% of Yahoo's ad tech employees by the end of this year, including nearly 1,000 employees this week, Yahoo said

Verizon Communications will complete its $4.48 billion acquisition of Yahoo core assets next week, and is expected to cut 15% of the staff at its two units. Photo: APPremium
Verizon Communications will complete its $4.48 billion acquisition of Yahoo core assets next week, and is expected to cut 15% of the staff at its two units. Photo: AP

Yahoo said on Thursday it plans to lay off more than 20% of its total workforce as part of a major restructuring of its ad tech division.

The cuts will impact nearly 50% of Yahoo's ad tech employees by the end of this year, including nearly 1,000 employees this week, the company said.

Yahoo, which is owned by private equity firm Apollo Global Management since a $5 billion buyout in 2021, added that the move would enable the company to narrow its focus and investment on its flagship ad business called DSP, or demand-side platform.

This comes as many advertisers have pared back their marketing budgets in response to record-high inflation rates and continued uncertainty about a recession.

A raft of U.S. companies from Goldman Sachs Group Inc to Alphabet Inc have also laid off thousands this year to ride out a demand downturn wrought by high inflation and rising interest rates.

Axios first reported the news of the layoffs at Yahoo.

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Published: 10 Feb 2023, 01:21 AM IST
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