Yahoo to cut more than 20% jobs, or 1,600 employees

1,000 roles to be immediately eliminated, remaining to occur in 2nd half of year

By Ovunc Kutlu

ISTANBUL (AA) - Yahoo will cut more than 20% of its workforce, or over 1,600 employees, according to a report Thursday.

The decision is part of a major restructuring of the American web services provider’s advertisement technology unit, as job cuts will affect more than half the unit's employees, according to Axios.

Approximately 1,000 roles will be eliminated Thursday, which represents 12% of the planned cuts. The remaining 8% will take place in the second half of 2023, it added.

Apollo Global Management, a US-based private equity company, acquired 90% of Yahoo and AOL from communications firm Verizon for $5 billion in September 2021.

Yahoo is the latest firm cutting jobs as the US tech industry is struggling with lower income, falling ad revenue and fears of a recession.

Disney, Affirm, Zoom, Dell, IBM, Amazon, Microsoft, Salesforce, PayPal and Google's parent, Alphabet, have been laying off workers by the thousands in recent weeks.

Kaynak:

This news has been read 153 times in total