Yahoo has joined a list of tech companies planning to cut staff numbers after it revealed it would lay off more than 20% of its total 8,600 workforce as part of a major restructuring.
The veteran tech company is reorganising its advertising unit, which will lose more than half of the department by the end of the year.
It is projected that almost 1,000 employees will be affected by the cuts by the end of the week.
Yahoo, which has been owned by private equity firm Apollo Global Management since a $5bn 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.
