Yahoo will eliminate about 1,000 jobs beginning this week, or roughly 12 per cent of its employees, the first round of cuts in a larger plan to restructure its advertising technology division amid a wave of layoffs in the industry.
The company, owned by Apollo Global Management, plans to reduce headcount at its Yahoo for Business advertising technology unit by about 50 per cent by the end of 2023, or more than 20 per cent of the workforce at Yahoo, a company representative said.
“These changes announced today are entirely within the context of creating a better business plan for that division going forward,” chief executive Jim Lanzone said on Thursday in an interview.
“The company has taken many bites of the apple here in trying to make it work over the years, but as a stand-alone company, we had to take a very honest view in how we apply our resources.”
Digital advertising providers have had to grapple with skittish customers who are concerned about the uncertain economic climate.
Yahoo’s restructuring will create a new division called Yahoo Advertising, which will focus advertising sales teams on the company’s properties, including Yahoo Finance, Yahoo News and Yahoo Sports.
Tens of thousands of jobs have been cut in the technology sector in recent months amid rising interest rates and growing fears of a recession in the world's largest economy.
Companies such as Meta, Amazon, Microsoft and Google's parent Alphabet have axed staff after boosting hiring at the height of the Covid-19 pandemic.
Spotify, Twitter, IBM, Disney, PayPal and Dell are other major companies to have cut jobs in recent weeks.
While overall, companies in the US let go of 363,824 jobs in 2022, 13 per cent more than 2021, the technology sector was the leading job-cutting industry last year, according Chicago-based global employment company Challenger, Gray & Christmas.
A total of 97,171 jobs were cut in the technology sector last year, a 649 per cent increase from firings in the industry in 2021 — the highest since the “dot-com” crash that started in 2000, according to a survey by the company.
Yahoo is “very profitable,” Mr Lanzone said, adding that the job cuts were due more to the division’s restructuring than troubles in the advertising market.
“We would’ve made these changes even at the peak of the market,” he said.
Yahoo is “still hiring aggressively,” Mr Lanzone said, and employees who lose their jobs will be considered for other roles at the company.
Axios had reported the job cuts earlier.
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
More coverage from the Future Forum
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Sam Smith
Where: du Arena, Abu Dhabi
When: Saturday November 24
Rating: 4/5
Brief scores:
Toss: Sindhis, elected to field first
Pakhtoons 137-6 (10 ov)
Fletcher 68 not out; Cutting 2-14
Sindhis 129-8 (10 ov)
Perera 47; Sohail 2-18
Profile of Tamatem
Date started: March 2013
Founder: Hussam Hammo
Based: Amman, Jordan
Employees: 55
Funding: $6m
Funders: Wamda Capital, Modern Electronics (part of Al Falaisah Group) and North Base Media
Scoreline
Ireland 16 (Tries: Stockdale Cons: Sexton Pens: Sexton 3)
New Zealand 9 (Pens: Barrett 2 Drop Goal: Barrett)
Conservative MPs who have publicly revealed sending letters of no confidence
- Steve Baker
- Peter Bone
- Ben Bradley
- Andrew Bridgen
- Maria Caulfield
- Simon Clarke
- Philip Davies
- Nadine Dorries
- James Duddridge
- Mark Francois
- Chris Green
- Adam Holloway
- Andrea Jenkyns
- Anne-Marie Morris
- Sheryll Murray
- Jacob Rees-Mogg
- Laurence Robertson
- Lee Rowley
- Henry Smith
- Martin Vickers
- John Whittingdale
The specs: 2018 Nissan Patrol Nismo
Price: base / as tested: Dh382,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 428hp @ 5,800rpm
Torque: 560Nm @ 3,600rpm
Fuel economy, combined: 12.7L / 100km
What is safeguarding?
“Safeguarding, not just in sport, but in all walks of life, is making sure that policies are put in place that make sure your child is safe; when they attend a football club, a tennis club, that there are welfare officers at clubs who are qualified to a standard to make sure your child is safe in that environment,” Derek Bell explains.
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
