Yahoo announced in a statement on Thursday that it would eliminate 1,000 jobs this week and more than 20% of its employees by the end of 2023. In September 2021, the private equity company Apollo Global Management purchased 90% of Yahoo from Verizon. Around 10,000 individuals were employed by the company at that time, according to data from PitchBook. According to Axios, the latest layoffs would result in the loss of more than 1,600 jobs, putting the company’s current headcount closer to 8,000.

According to Technology News UK, the company’s efforts to optimise operations in Yahoo’s advertising division include layoffs. A Yahoo representative stated that the strategy for the Yahoo for Business division had “struggled to measure up to our high expectations throughout the entire stack.”

According to a Yahoo spokeswoman who talked with CNBC, “given the shifting focus of the new Yahoo Advertising group, we will shrink the headcount of the former Yahoo for Business division by approximately 50% by the end of 2023.” To meet the needs of ad services, Yahoo announced that the company would concentrate its efforts on its 30-year collaboration with the digital advertising firm Taboola. Yahoo will offer severance compensation to domestic employees who lost their employment, a representative for the business told CNBC. On the number or value of the severance benefits, Yahoo withheld any specifics.

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