Yahoo plans to cut 20% of its workforce by the end of this year, with nearly 1,000 job cuts this week, the company said Thursday.
Reuters says that the new layoff in Yahoo comes “as part of a major restructuring of the advertising department.”
The company said the cuts will affect nearly 50% of Yahoo’s advertising staff by the end of this year.
This comes as many advertisers have slashed their marketing budgets in response to record high inflation rates and continued recessionary uncertainty, according to Reuters.
The move is “the latest in a series of technology companies conducting layoffs in response to concerns about slowing economic growth, high interest rates, and high inflation,” according to the Wall Street Journal.
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