Yahoo to lay off more than 20% of staff

Yahoo plans to lay off more than 20% of its total workforce as part of a major restructuring of its ad tech unit, Report informs referring to Axios.

The cuts will impact more than 50% of Yahoo's ad tech employees - more than 1,600 people.

The changes will end Yahoo’s years-long effort to compete directly with Google and Meta for digital advertising dominance.

In an interview, Yahoo CEO Jim Lanzone stressed that the layoffs are not attributable to financial challenges, but rather, strategic changes to the company's Yahoo for Business advertising unit, which is not profitable.

Roughly 1,000 positions will be eliminated Thursday, representing 12% of the total planned cuts at Yahoo. The remaining 8% or more of cuts will occur in the second half of this year.