Yahoo has become the latest tech giant to announce massive layoffs, as it works to restructure its advertising technology division.
The company announce on Thursday it plans to lay off more than 20 percent of its total workforce, affecting nearly half of Yahoo's ad tech employees by the end of the year — including nearly 1,000 employees this week.
CEO Jim Lanzone told the layoffs are not due to financial challenges, but rather strategic changes to the company's Yahoo for Business advertising unit, which he says is not profitable.
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