Yahoo will lay off more than 20% of its workforce by the end of 2023, cutting 1,000 positions this week alone, the company said in a statement Thursday.

private equity firm Apollo Global Management acquired 90% Yahoo’s Verizon in September 2021. The company had about 10,000 employees at the time, according to PitchBook data.

Axios reported that more than 1,600 workers would lose their jobs in the latest cuts, suggesting that the company’s current workforce is closer to 8,000 employees.

The layoffs are part of a broader effort by the company to streamline operations at Yahoo’s advertising unit. Yahoo’s business segment strategy had «struggled to live up to our high standards across the stack,» according to a Yahoo spokesperson.

«Given the new focus of Yahoo’s new advertising group, we will reduce the workforce of the former Yahoo for Business division by nearly 50% by the end of 2023,» a Yahoo spokesperson told CNBC.

Yahoo said the company would shift its efforts to its 30-year partnership with Taboolaa digital advertising company, to satisfy advertising services.

«These decisions are never easy, but we believe these changes will simplify and strengthen our advertising business for the long term, while enabling Yahoo to deliver better value to our customers and partners,» the Yahoo spokesperson said.

It was not immediately clear what benefits or severance payments the laid off employees would receive. A Yahoo spokesperson did not immediately respond to follow-up questions sent by CNBC.