Pak Sahafat – Yahoo announced that it plans to cut more than 20% of its employees as part of a broad restructuring plan in the advertising technology sector.
According to Pak Sahafat News Agency’s report from Reuters news agency; The company added that this workforce reduction program includes nearly 50% of the employees of the advertising technology department by the end of 2023, and nearly 1,000 of them will be unemployed this week.
Yahoo, which has been owned by the private company “Apollo Global Management” since 2021 with an amount of five billion dollars, added that this action will allow the company to focus and spend more capital on its main business, which is DSP.
Yahoo’s decision comes as many advertisers have slashed their marketing and advertising budgets in response to record inflation rates and continued uncertainty about an impending recession.
A number of US companies, from Goldman Sachs to Alphabet, have laid off thousands of workers this year in response to falling demand.