Yahoo lays off 20% of employees

The name Yahoo used to be associated with the Internet in the 90s. (Photo: Reuters)

Responding to CNN, the spokesperson Yahoo! Yahoo for Business ad technology division will be “overhauled” and transformed into a new division called Yahoo Advertising. Part of this change is that nearly 50% of Yahoo for Business employees will be laid off this year. From this week, about 1,000 people will lose their jobs.

In the statement, the spokesperson acknowledged such decisions “never easy” but affirms those changes will “Simplify and empower advertising, helping Yahoo deliver better value to customers and partners.”

According to news site Axios, the scale of the cuts could affect more than 1,600 people. According to Yahoo CEO Jim Lanzone, the aforementioned changes will be particularly beneficial to profitability in the long term, allowing the company to “attack” and invest more in other profitable areas.

Yahoo’s move comes as a growing number of media and technology businesses announce cost cuts to cope with a difficult digital advertising market and an unstable global economy.

Once a name associated with the Internet for much of the 1990s, Yahoo has struggled to find a foothold in recent decades as Google dominated search, while Facebook, Instagram and YouTube replaced them on social networks. Private equity firm Apollo Global Management acquired Yahoo in 2021 for $5 billion from Verizon.

(According to CNN)

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