Tuesday , May 11 2021

Verizon lays off more Yahoo / AOL employees after another drop in revenue, Ars Technica


      Verizon layoffs –

             

– person layoff despite Verizon touting gains in mobile advertising.

      

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/A monitor seen on the floor of the New York Stock Exchange on Tuesday, Sept. 4, .
Verizon this week is laying off another 385 staffers from the Verizon Media division that includes the Yahoo and AOL subsidiaries, according to a CNN report. ************

“Verizon Media employs around (******************************************************************, 534 people, so these cuts will amount to 1.4 percent of its work force. It’s unclear which brands will be affected, “CNN wrote.

A Verizon spokesperson confirmed the layoffs, according to the CNN article. We contacted Verizon today and will update this article if we get any more information.
The latest layoffs are less extensive than a************** (major round of job cutsin January (********************************************. Verizon at that time laid off about 800 people, or about seven percent of the (*****************************************************************, ******************************************** workers then employed by Verizon Media.

Verizon purchased Yahoo for $ 4. (billion in June) ************************************* and AOL for $ 4.4 billion in June 2017. But Verizon’s strategy of acquiring declining online media brands hasn’t been successful in challenging Google and Facebook in the advertising market.

In December (**********************************************, Verizon said in aSecurities and Exchange Commission filingthat it had “experienced increased competitive and market pressures throughout that has resulted in lower-than-expected revenues and earnings, “and that” [t] hese pressures are expected to continue. ” Verizon at the timerecordeda non-cash goodwill impairment charge of about $ 4.6 billion, wiping out nearly all of the Yahoo / AOL division’sgoodwill value.
In Q3 (******************************************, the most recent quarter, Verizon reportedmedia-division revenue of $ 1.8 billion, down two percent year over year. The two-percent decline represented an “improvement in revenue trends,” Verizon said. “Gains in native and mobile advertising continue to be offset by declines in desktop advertising, though the business is building momentum in key areas.”

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