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The entrance to the Yahoo San Francisco office building is seen on Fifth Avenue in San Francisco, Calif., Thursday, Dec. 15, 2016.
San Francisco Chronicle/Hearst N/San Francisco Chronicle via GateLongtime Bay Area tech conglomerate Yahoo is cutting 20% of its workforce by the end of the year — including nearly 1,000 workers this week alone — according to a Thursday report from Axios.
The company, which is owned by the giant Apollo Global Management, is said to be partially discontinuing its ad technology business. The last 8% of layoffs will occur by the end of 2023, Axios said.
Yahoo has tried for years to compete with search and ad tech giants like Google and Meta, which have their own unified ad platforms, but has admitted defeat due to the reported changes. The company plans to maintain its demand-side platform, which helps advertisers buy ads, but has shuttered its ad sales business. Yahoo now partners with Tabola to sell ads on its own properties. More than 50% of Yahoo’s ad tech division’s current workforce has been laid off.
“The moves are intended to simplify and strengthen the good parts of the business, while sunsetting the rest,” CEO Jim Lanzon told Axios.
A company spokeswoman did not immediately respond to SFGATE’s request for details on severance packages. It’s unclear how many of the affected workers are based in the Bay Area.
Yahoo sold its Sunnyvale headquarters to Google in 2019 and another large location in San Jose to TikTok’s parent company, ByteDance, but still maintains a large office in Soma.
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