Yahoo to cut over 20% of workforce
February 10, 2023
Yahoo is the latest tech giant to announce significant lay-offs, with plans to cut more than 20 per cent of its total 8,600 workforce as part of a major restructuring.
The veteran online brand is reorganising its advertising unit, which will lose more than half of the department by the end of 2023.
“These decisions are never easy, but we believe these changes will simplify and strengthen our advertising business for the long run, while enabling Yahoo to deliver better value to our customers and partners,” a Yahoo spokesperson told the BBC.
Yahoo, which has been 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.
Yahoo joins the likes of Alphabet, Meta, Netflix and Microsoft who have also announced major staff cuts in recent weeks.