Yahoo is the latest to layoff staff in the innumerable mass layoffs plaguing the tech sector.
Yahoo announced that it will lay off 20% of its workforce by the end of the year as part of its restructuring of its advertising division. The company’s long-standing advertising technology branch, Yahoo for Business, will be reorganized and transformed into a new subsidiary called Yahoo Advertising.
The restructuring is expected to happen this year, and almost 1,000 employees will be laid off this week. Overall, more than 1,600 people will be affected by the layoffs, according to Axios.com. The publication also quoted Yahoo CEO, Jim Lanzone as saying, “the adjustments will be tremendously beneficial for the profitability of Yahoo overall” and will allow the company to invest more in other successful areas of the business.
