Yahoo to Lay Off 20% of Staff by Year-End
- Yahoo will layoff more than 20% of its staff (roughly 1,600 workers) and the Yahoo for Business unit will be slashed by half.
- According to the company, approximately 1,000 of these cuts would be made by the end of this week.
Yahoo announced Thursday that it will reduce its workforce by more than 20% by 2023 and eliminate 1,000 jobs this week.
Private equity firm Apollo Global Management Purchased 90% Yahoo! Verizon September 2021. According to PitchBook data, the company employed approximately 10,000 people at that time.
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Axios reported More than 1,600 workers will lose their jobs as a result of the recent cuts. This suggests that the company’s current head count may be closer to 8,000.
These layoffs are part a larger effort by Yahoo to streamline its advertising unit operations. Strategy for Yahoo for Business “struggled to live up to our high standards across the entire stack,” According to a Yahoo spokesperson.
“Given the new focus of the new Yahoo Advertising group, we will reduce the workforce of the former Yahoo for Business division by nearly 50% by the end of 2023,” CNBC spoke with a Yahoo spokesperson.
Yahoo stated that it would focus its efforts on its 30-year partnership with Yahoo TaboolaTo satisfy your ad needs, you can use, a digital advertisement company.
“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,” According to Yahoo spokesperson
CNBC was informed by a Yahoo spokesperson, that the company would provide severance package to domestic workers who have lost jobs. Yahoo did not provide any details about the value or size of the severance package.
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