Monitoring Desk
ISLAMABAD/CALIFORNIA: Yahoo said it plans to lay off more than 20 per cent of its workforce as part of a significant restructuring of its ad tech division.
The company said that the cuts could impact nearly 50 percent of Yahoo’s ad tech employees by the end of this year, including about 1,000 workers this week.
Yahoo stance
Yahoo, owned by a private equity firm Apollo Global Management since a 5 billion dollar buyout in 2021, added the move would enable the company to narrow the focus and investments on its flagship ad business, DSP, and demand-side platform.
Several advertisers pared back their marketing budgets in response to the record-high inflation rate and continued uncertainty about a recession.
A raft of United States companies, from Goldman Sachs Group Inc to Alphabet Inc, has laid off thousands this year to ride out a demand downturn wrought by high inflation and increasing interest rates.
Axios first reported the news of the layoffs at Yahoo.
