Yahoo to Lay Off 20% of Staff by Year-End, Beginning This Week
fliptop writes:
In the latest lay off round hit to tech, Yahoo has announced they will be releasing around 1,600 workers, including half their Business unit, with 1,000 of the cuts coming by the end of the week:
The layoffs are part of a broader effort by the company to streamline operations in Yahoo's advertising unit. The Yahoo for Business segment's strategy had "struggled to live up to our high standards across the entire stack," according to a Yahoo spokesperson.
"Given the new focus of the new Yahoo Advertising group, we will reduce the workforce of the former Yahoo for Business division by nearly 50% by the end of 2023," a Yahoo spokesperson told CNBC.
Yahoo said the company would shift efforts to its 30-year partnership with Taboola, a digital advertising company, to satisfy ad services.
Those losing their jobs will be provided severance packages.
Related:
- Open Source Teams at Google Hit Hard by Layoffs: Was It the Algorithm?
- Amazon to Slash More Than 18,000 Jobs in Escalation of Cuts
- Google Employees Brace for a Cost-Cutting Drive as Anxiety Mounts
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