yahoo plan get rid of more than 20% of the workforce this yearIt joins many other tech companies that have recently announced similar moves, with the first batch of nearly 1,000 layoffs this week.
The decision of the internet portal, acquired by the Apollo mutual fund in 2021, is responding to a backlash. restructuring your digital advertising businessIt is an area where it is trying to compete with Google and Meta and has failed to be profitable.
Axios advanced the news and recorded Layoffs will affect more than 1600 peopleconstituting more than half of the employees of that digital advertising unit.
CEO of Yahoo jim lanzoneHe told US media that the cuts were not due to financial difficulties, but to a strategy change that he hoped would allow the company to increase profits and expand investments in other areas.
About a thousand employees, who make up about 12% of the workforce, will leave the company immediately, while the remaining approximately 8% of the total number of employees will leave in the second half of the year.
Yahoo so joins Numerous tech companies have announced massive layoffs in recent months. after it has grown strongly during the pandemic.
The company, which left its mark on the internet, was first acquired by the telecommunications group Verizon in 2021, which sold 90% of the company to the Apollo fund for approximately $5,000 million.