Yahoo, one of the largest tech companies in the world, has announced drastic layoffs of 20% of its staff and 50% of its advertising technology workers. This comes as part of a sweeping restructuring effort to reduce costs and shift its focus to more profitable areas.
The layoffs, which are expected to be completed by the end of 2023, will affect more than 17,777 employees. In addition, Yahoo has also announced plans to restructure its advertising technology business, which will result in the loss of over 8,000 jobs.
The news of Yahoo’s layoffs comes in the midst of a brutal week for tech and media companies. Nearly 20,000 jobs have been lost in the past week alone, as companies like Microsoft, Uber, and Buzzfeed have announced layoffs of their own.
Yahoo’s restructuring efforts are part of a larger trend in the tech industry, as companies look to reduce costs and focus on more profitable areas. The layoffs are expected to save Yahoo hundreds of millions of dollars a year, which will help the company remain competitive in the rapidly changing tech landscape.
The layoffs come as a shock to many Yahoo employees, who had been expecting the company to focus on growth and expansion. However, with the changing market, Yahoo is now looking to reduce costs and focus on what it does best.
Yahoo’s restructuring efforts will undoubtedly have a major impact on its employees and the tech industry as a whole. It remains to be seen what the long-term effects of these layoffs will be, but for now, it is clear that Yahoo is committed to making the necessary changes to remain competitive in the industry.