In an effort to streamline its loss-making advertising technology business, Yahoo Inc. will let go of more than 1,600 workers, or about 20% of its workforce.
According to reports, as part of the announced workforce reduction, more than half of the employees at Yahoo’s advertising technology division will be let go. Executives told the publication that the decision was made as part of a new business strategy and was “not attributable to financial challenges.” The area of Yahoo’s advertising technology business that assists website owners in selling ad space to brands will be shut down.
Gemini, a service that enables companies to insert native advertisements into websites, will also be discontinued by the company. The upcoming changes, according to Yahoo CEO Jim Lanzone, will “tremendously benefit the profitability of Yahoo overall.”
Read More: Yahoo will lay off 1,600+ workers as part of ad unit restructuring initiative
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