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The
cuts will impact nearly 50% of Yahoo's ad tech employees by the
end of this year, including nearly 1,000 employees this week,
the company said.
Yahoo, which is owned by private equity firm Apollo Global
Management since a $5 billion buyout in 2021, added that the
move would enable the company to narrow its focus and investment
on its flagship ad business called DSP, or demand-side platform.
This comes as many advertisers have pared back their marketing
budgets in response to record-high inflation rates and continued
uncertainty about a recession.
A raft of U.S. companies from Goldman Sachs Group Inc to
Alphabet Inc have also laid off thousands this year to ride out
a demand downturn wrought by high inflation and rising interest
rates.
Axios first reported the news of the layoffs at Yahoo.
(Reporting by Tiyashi Datta in Bengaluru; Editing by Anil
D'Silva and Shailesh Kuber)
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