Yahoo laying off 20% of staff roughly 1,600 people: report

Yahoo Inc. plans to lay off more than 20 per centof its total workforce as part of a major restructuring of its ad tech unit, Axios reported on Thursday, citing company executives.

The cuts will impact more than 50per cent of Yahoo's ad tech employees, more than 1,600 people, according to the report.

Ad tech is the part of the company that competes with Google and Facebook's parent Meta for digital advertising dollars.

In 2021, Yahoo and AOL were acquired from telecom giant Verizon by private equity firm Apollo for $5 billion US.

The cuts are just the latest in a string of layoff announcement by technology companies large and small in recent months.

More to come