Yahoo plans to cut about 20% of its workforce, or roughly 1,700 jobs, over the next year, as the technology industry continues to shed employees ahead of a potential economic slump later this year.
Of that number, the internet company will cut 1,000 jobs starting this week, Yahoo confirmed with CBS MoneyWatch.
Nearly half of the layoffs at Yahoo, which has been owned by private equity firm Apollo Global Management since 2021, will be in its unprofitable business ad tech unit. That business has not delivered as the company expected.
“Despite many years of effort and investment, this strategy was not profitable and struggled to live up to our high standards across the entire stack,” Yahoo said in a statement.
The job cuts come as some of the country’s largest tech companies slash jobs, including Google-parent Alphabet, Amazon, IBM, Lyft, Meta and Microsoft. Tech firms hired at a fast clip during the pandemic but are looking to shed costs as consumers pull back on spending.
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Article URL : https://www.cbsnews.com/news/yahoo-layoffs-cut-20-percent-of-workforce/