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Wednesday, May 29, 2024

Yahoo plans layoffs – TVN24 Biznes

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Yahoo is another tech company that is carrying out mass layoffs. They will cover as much as 20 percent of employees. Previously, companies such as Google and Microsoft announced job cuts.

Thousands of people have been fired this week. Ultimately, 20 percent will say goodbye to the company. with 8.6 thousand employees, mainly from the advertising department. By the end of the year, it will have as many as half as many employees.

Such decisions are never easy. However, we believe these actions will strengthen our business in the long term, a company spokesman told the BBC. As of 2021, Yahoo is owned by Apollo Global Management. The fund acquired the company for $5 billion. Its representatives say that the reductions carried out in the company will allow it to focus on other, more important from the company’s point of view, areas of activity.

The BBC notes that in recent months many advertisers have reduced their marketing budgets in response to record readings inflation and growing uncertainty about a recession.

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Layoffs in tech companies

This is another company from the modern technology sector that has announced layoffs. In January IBM said it plans to lay off 3,900 jobs. employees. The job cuts in the first quarter of 2023 are expected to cost the US IT company $300 million.

Several days ago, Google also announced layoffs. A total of 12,000 people, or six percent of all employees, are expected to lose their jobs. Earlier, other tech companies, including Amazon and Meta (formerly Facebook), also announced job cuts.

British Sky News reported that Microsoft Corporation plans to cut about five percent of jobs. About 11,000 people are to be made redundant. In turn, the American technology company Dell announced the layoffs of 6,650 people, or 5 percent. all its employees around the world. The reason for the layoffs is the declining sales of personal computers.

Main photo source: Shutterstock



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