Company to cut workforce by 20% by end of year
Noah Berger | Bloomberg | Bloomberg | Getty Images
Yahoo will lay off more than 20% of its workforce by the end of 2023, cutting 1,000 jobs this week alone, the company said in a statement Thursday.
private equity firm Apollo Global Management 90% acquisition From Yahoo verizon September 2021. At the time, it had about 10,000 employees, according to PitchBook data.
Axios report The latest layoffs have put more than 1,600 employees out of work, suggesting the company currently has close to 8,000 employees.
The job cuts are part of a broader effort by the company to streamline the operations of Yahoo’s advertising division. A Yahoo spokesperson said the strategy for the Yahoo for Business segment “struggled to meet high standards across the stack.”
“Given the renewed focus of the new Yahoo Advertising group, we will reduce the headcount of our former Yahoo for Business division by nearly 50% by the end of 2023,” a Yahoo spokesperson told CNBC.
Yahoo said it will shift power to a 30-year partnership. Taboolato meet digital advertising companies, advertising services.
A Yahoo spokesperson said, “These decisions are never easy, but over the long term, these changes will simplify and strengthen our advertising business while helping Yahoo deliver better value to our customers and partners. I think we can do it,” he said.
A Yahoo spokesperson told CNBC that the company will offer severance packages to domestic employees who have lost their jobs. Yahoo doesn’t provide specific details about the size or value of the retirement package.
https://www.cnbc.com/2023/02/09/yahoo-will-lay-off-nearly-1000-employees-by-end-of-2023.html Company to cut workforce by 20% by end of year