American multinational technology company Yahoo said Thursday that it will cut 20 per cent of its total workforce by the end of this year as it restructures its advertising unit, just the latest example of the layoffs spreading throughout the tech and media industries.
A Yahoo spokesperson said the company’s legacy ad tech division, Yahoo for Business, will be overhauled and transformed into a new division called Yahoo Advertising.
As part of that change, Yahoo plans to cut nearly 50 per cent of the division this year, “including nearly 1,000 employees this week.”
Yahoo CEO Jim Lanzone told Axios in an interview that these changes will be “tremendously beneficial for the profitability of Yahoo overall,” and will allow the company “to go on offense” and invest more in other parts of its business that are profitable.
Bd-pratidin English/Golam Rosul
