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Yahoo exits South Korea

As promised, Yahoo! has completed its exit from the South Korean search market, effective Dec. 31, according to the Yonhap News Agency. As Yahoo continues to re-evaluate its market placements, South Korea has become the first Asian market to lose Yahoo support.

Monday the 31rd of December marks the end of all Yahoo Korea products, services, and content, as well as customer support in the Asian country, 15 years after opening an arm of the company in one of the world’s most-wired countries.

Yahoo-Gets-Out-of-South-Korea

CEO Marissa Mayer announced in October that Yahoo would pull out of South Korea before the end of 2012. During her announcement, Mayer fired 200 workers in the country. In her decision to close down South Korea operations, Mayer said: “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.”

Still, Yahoo remains faithful to the region. “Yahoo is committed to Asia,” the company said in October. “We have a solid business in APAC [Asia Pacific region] and see a lot of opportunity for growth across our content properties, communications services and ecommerce sites. We’ll continue to focus on building great experiences for the millions of people across the region who come to Yahoo every day.”

Earlier this year, Yahoo sold off half of its 40 per cent stake in China’s Alibaba Group, for $7.6 billion (£4.7 billion), allowing the company to return about $3.65 billion (£2.24 billion) in proceeds to shareholders.
 
 
Image source:
http://www.inquisitr.com/wp-content/2012/12/Yahoo-South-Korea-Ends-Run.jpg
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