Yahoo is planning to lay off over 2,000 employees, or 20% of its workforce, by the end of 2023. This week, the company will eliminate 1,000 positions, according to a statement.

Yahoo, which is owned by private equity firm Apollo Global Management after 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.

In September 2021, Apollo acquired 90% of Yahoo from Verizon, making it the majority stakeholder. At the time of the acquisition, Yahoo had around 10,000 employees, as per data from PitchBook.