Feb. 9 (UPI) -- Yahoo announced Thursday that it will lay off more than 20% of its staff by the end of the year, including cutting 1,000 positions this week alone.
The company is seeking to streamline operations in its advertising unit, which has not been profitable. The company as a whole brings in roughly $8 billion in annual revenue, but is seeking to prioritize other areas, CEO Jim Lanzone told Axios.