Yahoo to eliminate 1,000 jobs in latest job-cuts
Yahoo is joining the ranks of tech giants Google, Meta, and Twitter as it downsizes its workforce. The company recently announced that it will be laying off 20% of its employees, with 1,000 of those cuts taking place in the next few days.
The brunt of the layoffs will be felt by Yahoo for Business, the company's advertising arm, which is undergoing a restructuring to form a new business unit called Yahoo Advertising. The restructuring is slated to result in a nearly 50% reduction in headcount for the adtech business.
Despite facing fierce competition and cost-cutting among clients, CEO Jim Lanzone has stated that the advertising business is profitable and performing well. He asserted, in an interview with Fortune, that the layoffs are a deliberate part of the company's strategic plan, and would have taken place regardless of market conditions.
Although the downsizing of Yahoo for Business is significant, it appears that other business units will remain unscathed by the job cuts. Lanzone has also indicated that the company continues to hire aggressively, leaving open the possibility of re-employment for impacted employees within other areas of the company.