Yahoo mentioned on Thursday it plans to lay off greater than 20% of its whole workforce as a part of a serious restructuring of its advert tech division.
The cuts will affect practically 50% of Yahoo’s advert tech staff by the top of this yr, together with practically 1,000 staff this week, the corporate mentioned.
Yahoo, which is owned by personal fairness agency Apollo Global Management since a $5 billion buyout in 2021, added that the transfer would allow the corporate to slim its focus and funding on its flagship advert enterprise known as DSP, or demand-side platform.
This comes as many advertisers have pared again their advertising budgets in response to record-high inflation charges and continued uncertainty a few recession.
A raft of U.S. firms from Goldman Sachs Group Inc to Alphabet Inc have additionally laid off 1000’s this yr to trip out a requirement downturn wrought by excessive inflation and rising rates of interest.
Axios first reported the information of the layoffs at Yahoo.
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