OUR Yahoo plans to lay off more than 20% of its workforce as it undertakes a major restructuring of its ad tech division, according to the Axios website. The cuts will affect almost 50% of those employed in this department, that is, more than 1,600 people.
The move means Yahoo will end its years-long attempt to compete with Google and Meta in the digital advertising space.
Yahoo CEO Jim Lanzone said in an interview that the layoffs were not caused by the company’s financial problems, but rather by strategic changes that were pushed through Yahoo’s money-losing advertising division for Business.
The changes would be “extremely beneficial to Yahoo’s overall profitability” and allow the company to invest more in other profitable divisions.
Yahoo is generally profitable, with about $8 billion in annual revenue.
Source: APE-MPE, Reuters.
Source: Kathimerini
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