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An image from a Yelp donation program launched in the wake of Covid-19. Photo: Yelp

Yelp told employees Thursday that it is cutting 1,000 jobs and furloughing another 1,100 workers amid a massive drop in its business.

Why it matters: Yelp is the latest company catering to small businesses that has seen much of its customer base decimated amid the COVID-19 outbreak and related shutdowns.

What they're saying: "This rapid shutdown of local economies has directly affected our business, and the magnitude and duration of the impact are unknown," Yelp said in a statement. "To ensure that Yelp can weather this crisis and be best positioned to serve the community when the recovery begins, we must significantly reduce our operating costs."

Context: Yelp had 5,950 employees as of the end of 2019.

The big picture: Yelp has seen customer interest in restaurants down 64% since March 10, with nightlife, gyms and beauty salons down 70% or more, CEO Jeremy Stoppelman said in an employee email posted to the company's website.

All told, the millions of local businesses hit hardest by the effects of COVID-19 face the prospect of closing and laying off their employees, without knowing when, or if, they’ll be able to reopen.
— Yelp CEO Jeremy Stoppelman

The company is also:

  • cutting server costs;
  • deprioritizing dozens of projects; and
  • cutting executive pay by 20% to 30%.

And Stoppelman is not taking a salary and will not vest any further stock awards this year.

Flashback: Yelp last month launched a $25 million program giving ad credits to small businesses and also partnered with GoFundMe on a donation program, though it was forced to revamp the program after some customers complained.

Go deeper: The coronavirus's domino effect on startup layoffs

Go deeper

Justice Department drops insider trading inquiry against Sen. Richard Burr

Sen. Richard Burr (R-N.C.) walking through the Senate Subway in the U.S. Capitol in December 2020. Photo: Stefani Reynolds/Getty Images

The Department of Justice told Sen. Richard Burr (R-N.C.) on Tuesday that it will not move forward with insider trading charges against him.

Why it matters: The decision, first reported by the New York Times, effectively ends the DOJ's investigation into the senator's stock sell-off that occurred after multiple lawmakers were briefed about the coronavirus' potential economic toll. Burr subsequently stepped down as chair of the Senate Intelligence Committee.

Netflix tops 200 million global subscribers

Illustration: Rebecca Zisser/Axios

Netflix said that it added another 8.5 million global subscribers last quarter, bringing its total number of paid subscribers globally to more than 200 million.

The big picture: Positive fourth-quarter results show Netflix's resiliency, despite increased competition and pandemic-related production headwinds.

Janet Yellen plays down debt, tax hike concerns in confirmation hearing

Treasury Secretary nominee Janet Yellen at an event in December. Photo: Alex Wong via Getty Images

Janet Yellen, Biden's pick to lead the Treasury Department, pushed back against two key concerns from Republican senators at her confirmation hearing on Tuesday: the country's debt and the incoming administration's plans to eventually raise taxes.

Driving the news: Yellen — who's expected to win confirmation — said spending big now will prevent the U.S. from having to dig out of a deeper hole later. She also said the Biden administration's priority right now is coronavirus relief, not raising taxes.