Yahoo to lay off 20 percent of its staff by the end of 2023

As shared by outlets like CNBC, Yahoo has announced plans to lay off around 20 percent of its workforce by the end of 2023. It began the process this past week, eliminating 1,000 positions. Currently, private equity firm Apollo Global Management who acquired Yahoo from Verizon back in September of 2021 notes the company having around 10,000 employees at the time of that acquisition according to CNBC and PitchBook data.

In reporting from Axios, it’s suggested that more than 1,600 workers will lose their jobs in Yahoo’s latest round of cuts, which places the current number of staff closer to 8,000.

"Given the new focus of the new Yahoo Advertising group, we will reduce the workforce of the former Yahoo for Business division by nearly 50% by the end of 2023," said a Yahoo spokesperson in a statement to CNBC. Yahoo also confirmed plans for the company to shift efforts to its 30-year partnership with digital advertising company, Taboola. "These decisions are never easy, but we believe these changes will simplify and strengthen our advertising business for the long run, while enabling Yahoo to deliver better value to our customers and partners," the Yahoo spokesperson told CNBC.

CNBC sent follow-up questions to the Yahoo spokesperson in regards to what sort of severance or benefits employees affected by layoffs would receive, but the outlet has yet to hear back. The layoffs at Yahoo follow similar trends seen across a variety of companies including Zoom which recently announced plans to lay off 15 percent of its workers, and Rivian which aims to lay off 6 percent of employees.