Yahoo to layoff more than 20% of its workforce.
This as part of a massive restructuring of its advertising technology division.
According to the company, the cuts will affect nearly half of Yahoo’s ad tech employees by the end of the year.
Including early 1,000 employees this week.
wned by Apollo Global Management (APO.N) since a $5 billion buyout in 2021, added that the move would allow the company to narrow its focus and investment on its flagship advertising platform.
“For several years, our ads business’s strategy has been to compete in the ad tech industry by offering a ‘unified stack’ comprised of our Demand Side Platform (DSP), Supply Side Platform (SSP), and Native platforms,” a spokesperson told TechCrunch in a statement.
“Despite many years of effort and investment, this strategy was not profitable and struggled to live up to our high standards across the entire stack,” said the company.
Apollo Global Management completed its $5 billion acquisition of Yahoo, formerly known as Verizon Media Group, in 2021.
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