As part of a significant restructure of its ad tech sector, Yahoo said on Thursday that it planned to let go of over 20% of its total workforce.
By the end of the fiscal year, Yahoo will have laid off over half of its ad tech staff, including about 1,000 people this week.
Apollo Global Management, a private equity firm, bought Yahoo for $5 billion (Ksh. 626 billion) in 2021.
This allowed the company to focus on and spend money only on its demand-side platform, or DSP, which is its main ad business.
This comes at a time when many marketers have cut their spending on marketing because inflation rates are at an all-time high and the economy is still uncertain.
This year, a number of U.S. companies, such as Goldman Sachs Group Inc. and Alphabet Inc., have laid off thousands of people to prepare for a drop in demand caused by high inflation and rising interest rates.
Axios was the first to report the redundancies at Yahoo.
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