Yahoo will eliminate 1,000 jobs in latest tech workforce cuts

Yahoo Inc. will eliminate about 1,000 jobs beginning this week, or roughly 12% of its employees, the first round of cuts in a larger plan to restructure its advertising tech division amid a wave of layoffs in the industry.

The company, owned by Apollo Global Management Inc., plans to reduce headcount at its Yahoo for Business ad tech unit by almost 50% by the end of 2023, or more than 20% of the workforce at Yahoo, a company spokesperson said.

“These changes announced today are entirely within the context of creating a better business plan for that division going forward,” Chief Executive Officer Jim Lanzone said Thursday in an interview.