By the end of 2023, nearly 50% of the ad tech workforce will be out of a job.
Yahoo has announced plans to lay off more than 20% of its staff as part of a major restructuring of its ad technology division. This was reported on February 10 by Reuters.
Nearly 50% of ad tech employees will be cut 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 (APO.N), added that the move would allow it to narrow its focus and investment on its flagship advertising project, called DSP (demand -side platform).
It comes as many advertisers cut their marketing budgets in response to record inflation and continued recession uncertainty.
Alphabet Inc, the parent company of Google, previously announced the reduction of approximately 12 thousand jobs, or 6% of its employees.
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.