Yahoo is planning to slash its payroll by a fifth over the next year, according to a report, in the latest round of mass layoffs to hit the tech industry. Around 1,700 staff will go during the headcount reduction, with 1,000 job losses starting this week, according to CBS MoneyWatch. About half of the layoffs are set to be made in Yahoo’s unprofitable business ad tech unit. “Despite many years of effort and investment, this strategy was not profitable and struggled to live up to our high standards across the entire stack,” Yahoo said in a statement. The internet company further claimed that the layoffs will “simplify and strengthen our advertising business for the long run, while enabling Yahoo to deliver better value to our customers and partners.” Meta, Microsoft, Amazon, and other tech giants have similarly announced layoffs in recent weeks.