Layoffs wave continues: Yahoo & media group News Corp to cut jobs

The wave of layoffs only seems to be getting bigger. Yahoo and media house News Corp are the latest to announce jobs cuts.

News Corp job layoffs

In an official statement, News Corp said it would cut around 5% of its workforce which accounts for 1,250 jobs after the media conglomerate fell short of quarterly Wall Street estimates for profit and revenue, disturbed by a decline across its businesses including news.

Yahoo layoff

Yahoo on the another hand, is laying off 20% of its staff, impacting 1,600 employees in its ad tech business. Yahoo said that the move will enable the company to narrow its focus and investment on its flagship ad business called DSP or demand-side platform.

The company’s layoffs round comes as many advertisers cut back their marketing budget due to record-high inflation rates and concerns about a recession, as per Reuters.