US multinational technology company Yahoo has announced to cut 20 percent of its workforce.

The layoffs will be part of a shake-up of the ad tech division, the company said in a statement on Thursday.

They said that due to these layoffs, about 50 percent of the Ad Tech department will lose their jobs this year. More than 1,000 workers will be laid off this week alone.

In 2021, private financial institution Apollo Global Management bought the ownership of Yahoo for 5 billion dollars. The company said the layoffs will reduce investment and labor in its core advertising business.