Yahoo, one of the pioneers of the early internet era, is the latest tech company to mass lay off employees to cut expenses amid an uncertain global economy. According to Bloomberg, the company will sack nearly 1,000 jobs, which is roughly 12 per cent of its workforce. The company will reportedly send out emails by this week. A company spokesperson also told the publication that the Apollo Global Management-owned company would reduce the Yahoo for Business ad tech unit by almost 50 per cent by the end of 2023 or more than 20 per cent of the workforce at Yahoo.
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In an interview with Axios, Yahoo CEO Jim Lanzone said that the decision to trim the staff will be “tremendously beneficial for the profitability of Yahoo overall.” Yahoo says the company is “very profitable” and the job cuts were due to the division’s restructuring rather than troubles in the ad market.
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