Reuters is reporting
that Yahoo will be eliminating 200 jobs today as a result of plans the
search engine had to make because it has closed down its Korean
business. Shares for the company are down 0.72% to $16.55 as of now.
Just last week, the company announced that it was officially shuttering its business in South Korea in an effort to restructure itself. Yahoo’s CEO Marissa Mayer said at the time, “This decision is part of our efforts to streamline operations and focus our resources on building a stronger global business that’s set up for long-term growth and success.”
Currently, Yahoo is Korea’s ninth-most visited website, according to web-ranking firm Alexa, but lags other search engines like Google and Baidu. This move is probably not that surprising given that Yahoo said it was going to end its operations in the country. However, Yahoo still believes it has a future in the rest of the region and doesn’t have plans to end business elsewhere.
While Yahoo claims that they’re not getting out of Asia, it has been making some moves to sell of shares in its Asian investments — earlier this year, the company sold part of its stake in Alibaba, then it announced it would shut down its Indonesian check-in service Koprol, and it might even be selling its share of Yahoo! Japan. Looks like these efforts are all part of Mayer’s restructuring plan to bring Yahoo back to its once vibrant self again.
Just last week, the company announced that it was officially shuttering its business in South Korea in an effort to restructure itself. Yahoo’s CEO Marissa Mayer said at the time, “This decision is part of our efforts to streamline operations and focus our resources on building a stronger global business that’s set up for long-term growth and success.”
Currently, Yahoo is Korea’s ninth-most visited website, according to web-ranking firm Alexa, but lags other search engines like Google and Baidu. This move is probably not that surprising given that Yahoo said it was going to end its operations in the country. However, Yahoo still believes it has a future in the rest of the region and doesn’t have plans to end business elsewhere.
While Yahoo claims that they’re not getting out of Asia, it has been making some moves to sell of shares in its Asian investments — earlier this year, the company sold part of its stake in Alibaba, then it announced it would shut down its Indonesian check-in service Koprol, and it might even be selling its share of Yahoo! Japan. Looks like these efforts are all part of Mayer’s restructuring plan to bring Yahoo back to its once vibrant self again.
No comments:
Post a Comment