Yahoo plans to lay off more than 20% of its workforce, affecting nearly half its ad tech employees. The cuts bring tech-sector job losses to more than 69,000 people this year.
Tens of thousands of employees have lost their secure, high-paying jobs as a downturn in the broader economy hits the tech industry especially hard.
Yahoo added its name to the growing list of struggling companies on Thursday (February 9, 2023), reportedly cutting up to 20% of its workforce as part of a significant restructuring of its ad tech division.
The company said that the cuts would impact nearly 50% of Yahoo’s Business advertising employees by the end of the year, including about 1,000 employees this week.
Yahoo’s announcement comes as many advertisers cut back their marketing budgets.
Walt Disney, Dell, Google, Microsoft, Amazon, and Salesforce have all announced layoffs since the start of this year. Since the beginning of 2022, Crunchbase estimates that more than 200,000 workers in the tech industry have been made redundant.