Yahoo to lay off more than 20% of staff

Yahoo stated on Thursday it plans to put off greater than 20% of its whole workforce as a part of a significant restructuring of its advert tech division.

The cuts will affect practically 50% of Yahoo’s advert tech workers by the tip of this yr, together with practically 1,000 workers this week, the corporate stated.

Yahoo, which is owned by personal fairness agency Apollo Global Management since a $5 billion buyout in 2021, added that the transfer would allow the corporate to slender its focus and funding on its flagship advert business known as DSP, or demand-side platform.

This comes as many advertisers have pared again their advertising budgets in response to record-high inflation charges and continued uncertainty a couple of recession.

A raft of U.S. corporations from Goldman Sachs Group Inc to Alphabet Inc have additionally laid off hundreds this yr to journey out a requirement downturn wrought by excessive inflation and rising rates of interest.

Axios first reported the news of the layoffs at Yahoo.

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