Yahoo to lay off more than 20% of staff.
Feb 9 (Reuters) - Yahoo said on Thursday it plans to lay off more than 20% of its total workforce as part of a major restructuring of its ad tech division.
The cuts will impact nearly 50% of Yahoo's ad tech employees by the end of this year, including nearly 1,000 employees this week, the company said.
Yahoo, which is owned by private equity firm Apollo Global Management (APO.N) since a $5 billion buyout in 2021, added that the move would enable the company to narrow its focus and investment on its flagship ad business called DSP, or demand-side platform.
This comes as many advertisers have pared back their marketing budgets in response to record-high inflation rates and continued uncertainty about a recession.
A raft of U.S. companies from Goldman Sachs Group Inc (GS.N) to Alphabet Inc (GOOGL.O) have also laid off thousands this year to ride out a demand downturn wrought by high inflation and rising interest rates.
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Disney will lay off more than 7000 employees as part of a $5.5 billion cost cut.
Walt Disney CEO Bob Iger announced plans to cut 7000 jobs, roughly 3% of the company's workforce, as part of a massive restructuring.
According to Azger, this will save $5.5 billion over the next few years, revive creative productivity and grow the streaming business.
Investors were waiting to hear Iger's strategic plan to rebuild the company after his surprise reappointment in November.
In a statement, he said Disney is "embarking on a significant transformation" that will lead to "sustainable growth and profitability" in streaming.
After the announcement, Disney shares jumped 9% after hours.
Late last year, the board fired Iger's predecessor, Bob Čapek, after Disney's streaming business released a quarterly loss of $1.5 billion.
According to Wednesday's earnings report, the company promised to cut losses by $200 million in the last quarter and exceeded that target, cutting losses by about $400 million to $1.1 billion.
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Zoom lays off about 15% of its employees and reduces salaries for top managers
Zoom, the video conferencing company that became a household name when remote work spiked during the Covid pandemic, is laying off 1,300 staff.
The move affects about 15% of its workforce, which has seen user growth slow and profits fall recently.
Boss Eric Yuan said he and other leaders would also take big pay cuts, as the company focuses on making sure it can weather the slowdown.
It is joining a large number of other tech firms making similar adjustments.
"As the world transitions to life post-pandemic, we are seeing that people and businesses continue to rely on Zoom," Mr Yuan wrote in a message to employees shared by the company.
"But the uncertainty of the global economy, and its effect on our customers, means we need to take a hard - yet important - look inward to reset ourselves so we can weather the economic environment, deliver for our customers and achieve Zoom's long-term vision."
Amazon and Salesforce are among the other heavyweights to have announced big job cuts, saying the boom in business they saw during the pandemic was ending.
More than 300 tech firms have laid off nearly 100,000 workers globally since the start of the year, according to Layoffs.fyi, which tracks such announcements.
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