Last Update: February 10, 2023, 08:27 IST
Yahoo is owned by private equity firm Apollo Global Management. (Image: Reuters)
Yahoo said Thursday that it plans to lay off more than 20% of its total workforce as part of a major restructuring of its ad technology division.
Yahoo said Thursday that it plans to lay off more than 20% of its total workforce as part of a major restructuring of its ad technology division.
The company said the cuts would affect about 50% of Yahoo’s ad tech staff through the end of this year, comprising about 1,000 employees.
Yahoo, which has been owned by private equity firm Apollo Global Management since its $5 billion buyout in 2021, said the move would allow the company to reduce its focus and investment on its core advertising business called DSP, or demand-side platform. will enable.
It comes as many advertisers have slashed their marketing budgets in response to record-high inflation rates and uncertainty about the recession.
US companies from Goldman Sachs Group Inc to Alphabet Inc have also laid off thousands this year to address a slump in demand resulting from high inflation and rising interest rates.
Axios first reported the layoffs at Yahoo.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)