Tech giant in crisis / Yahoo plans to cut 20% of employees

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Yahoo is planning to lay off more than 20% of its 8,600-person workforce as part of a major restructuring.

The tech company is reorganizing its advertising unit, which will lose more than half the department by the end of the year.

Nearly 1,000 employees will be affected by the cuts by the end of the week.

Yahoo is the latest technology firm to announce job losses as the firm struggles with falling demand, high inflation and rising interest rates.

"These decisions are never easy, but we believe these changes will simplify and strengthen our advertising business over the long term, enabling Yahoo to deliver better value to our customers and partners," said a spokesman for the BBC.

Yahoo, which has been owned by private equity firm Apollo Global Management since a $5 billion buyout in 2021, added that the move would allow the company to narrow its focus and investment in its core advertising business called DSP, or demand platform./ CNA.al

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