NEW YORK CITY (Pakistan Point News / Sputnik - 10th February, 2023) Internet search provider Yahoo plans to lay off more than 20% of its total workforce, following through with last month's massive job cuts at top competitor Google, news portal Axios reported Thursday.
Yahoo's cuts, which are part of a major restructuring of its ad tech unit, will impact more than 50% of Yahoo's ad tech employees, or specifically more than 1,600 people, Axios said, attributing the information to executives at the company.
Axios also quoted Yahoo CEO Jim Lanzone as saying in an interview that the layoffs were not due to financial challenges, but rather, strategic changes to the company's Yahoo for Business advertising unit, which is not profitable.
These changes will be "tremendously beneficial for the profitability of Yahoo overall," Lanzone said, adding that it will allow Yahoo "to go on offense" and invest more in other parts of its business that are profitable.
Google said late last month it was laying off 12,000 workers across product areas and regions, or 6% of its workforce. Its parent company Alphabet added 50,000 workers over the past two years as the coronavirus pandemic created greater demand for its internet search, advertising and other services.
