Yahoo Layoffs: Yahoo is the new tech company to cut down on expenses amid a global economy. According to Bloomberg, the company will lay off about 1,000 jobs, which is about 12 percent. The company will reportedly send out the email by this week. A spokesperson for the company also revealed that the Apollo Global Management-owned company will reduce the workforce at Yahoo by about 50 percent or more by 20 percent by the end of 2023.
In an interview with Axios, Yahoo CEO Jim Lanzon said that the decision to reduce staff “will be tremendously beneficial to Yahoo.” Yahoo says the company is “very profitable” and the job cuts are due to a restructuring of the division rather than trouble in the advertising market.
As part of the restructuring plan, Yahoo will be shutting down its advertising platform called Gemini. The company will also reportedly spin off its advertising business, which is called its SSP or supply-side platform.
However, Yahoo isn’t the only tech company taking drastic measures to reduce expenses. A data tracker shows that January 2023 was the worst month for the tech industry in terms of layoffs. According to Trueup.io data, around 106,950 employees across various tech companies lost jobs last month, making it a combined job loss of 50,573 employees and 40,368 layoffs in November and December 2023.
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Tech giants such as Amazon, Google, Microsoft and Salesforce have pulled the maximum numbers globally in the past month. February is relatively better than January, but many companies are laying off employees in large numbers. ByteDance-owned TikTok is sacking its entire Indian staff three years after it was banned in the country, a report said. Other companies like Dell will also lay off 5 percent of their global workforce, which is around 6,650 employees.
