Yahoo one of the major companies is laying off more than 20% of its staff.
In a statement on Thursday, Yahoo plans to layoff more than 20% of its staff as part of major restructuring of its ad tech division.
The cut will affect nearly 50% off Yahoo’s ad tech employee’s by the end of this year, including nearly 1,000 employees this week, the company said.
Yahoo a company owned by private equity firm, Apollo Global Management since a $5billion (Ksh.626billion) buyout in 2021, added that the move would enable the company to narrow its focus and investment on its flagship ad business called DSP.
This is after, many companies and advertises have reduced their marketing budgets, in response to record -high inflation rates.
Many of the companies, including META, has laid off thousands this year to ride out a demand downturn affected by high inflation and rising interest rates.