Yahoo to lay off more than 20% of its workforce this year, part of broader effort to streamline advertising unit operations
Yahoo will lay off more than 20% of its workforce by the end of 2023, eliminating 1,000 positions this week alone, the company said in a statement Thursday.
Private equity firm Apollo Global Management acquired 90% of Yahoo from Verizon in September 2021. The company had about 10,000 employees at that time, according to PitchBook data.
Axios reported that more than 1,600 workers would lose their jobs in the latest cuts, suggesting the company’s current head count is closer to 8,000 employees.
The layoffs, reports CNBC, are part of a broader effort by the company to streamline operations in Yahoo’s advertising unit. The Yahoo for Business segment’s strategy had “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,” a Yahoo spokesperson told CNBC.
Yahoo said the company would shift efforts to its 30-year partnership with Taboola, a digital advertising company, to satisfy ad services.
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