Yahoo! To Lay Off 1000 Employees This Week: Report According to Bloomberg, the company will sack nearly 1000 jobs, which is roughly 12% of its workforce
By Teena Jose
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Internet giant Yahoo! has decided to lay off 20% of its total workforce as part of its restructuring at its ad tech division, according to reports. According to Bloomberg, the company will sack nearly 1000 jobs, which is roughly 12% of its workforce. The company will reportedly send out emails by this week. A company spokesperson also told the publication that the Apollo Global management-owned company would reduce the Yahoo for Business ad tech unit by almost 50% or more than 20% the workforce at Yahoo by the end of 2023.
In an interview with Axios, Yahoo! CEO Jim Lanzone has reportedly said that the decision to trim the staff will be tremendously beneficial for the profitability of Yahoo overall. Yahoo says the company is very profitable and the job cuts were due to the division's restructuring rather than troubles in the ad market. The company will also reportedly shut down its advertising business, called its SSP, or supply-side platform.
According to data by Trueup.io, roughly 106,950 workers across various tech companies lost jobs last month, making it worse than the combined job losses in November and December 2023.
