Yahoo Layoffs: Over 20 % staff to be made redundant in Ad-Tech restructuring
Yahoo Layoffs: Over 20 % staff to be made redundant in Ad-Tech restructuring
Citing major restructuring of its ad tech division,Yahoo, Thursday, announced its plans to lay off over 20% of its total staff. By the end of the year, roughly 1,000 Yahoo ad tech staff would lose their jobs. The restructuring will overall impact about 50% of the company's workforce, Yahoo said. The news of the layoffs at Yahoo was first reported by Axios, Reuters news agency said.
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In addition, the move would allow Yahoo, which has been controlled by private equity firm Apollo Global Management (APO.N) since a $5 billion takeover in 2021, to concentrate its efforts and investments on its core DSP, or demand-side platform, ad business. Many advertisers have reduced their marketing spendings in a response to all-time high inflation rates and ongoing recessionary uncertainties.
This year, a number of American businesses, including Goldman Sachs Group Inc. (GS.N) and Alphabet Inc. (GOOGL.O), have also made thousands of layoffs.
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Disney alsoannounced Wednesday that about7,000 employeeswill be laid off.Thisrepresent 3.6% of Disney's workforce. Lastweek, Google employees heldprotests andurged the thousands of their coworkers who had just been let go by Alphabet Inc., the parent company of Google, to support them.
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Google announced one of the biggest layoffs in company's history last month: 12,000 people, or 6% of its global workforce. Microsoft Corp., Salesforce Inc., and Amazon.com Inc., three other significant IT companies, have all lately announced layoffs.
(With inputs from agencies)
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