Yahoo Closes Shop In South Korea By Year’s End

Yahoo will be closing up shop and completely exiting the South Korean market as the year ends.

According to Yahoo, the move is part of its effort to streamline its operations and focus more on its global business.

The move comes part of new Yahoo CEO Marissa Mayer’s plans for the ailing internet company which has seen its lead taken by Google.

A former Google vice president, Mayer is bent on reshaping the company to regain its former glory. Part of her plan is to add key personnel to her team which is apparent in her hiring other former Google executives.

Meanwhile, here’s a full copy of the announcement made by Yahoo:

Statement About Yahoo! Korea

Posted October 18th, 2012 at 11:10 pm by Yahoo

Filed in: Corporate

Today Yahoo! announced that we plan to close our Korean business at the end of this year. 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.

Since 1997, our team in Korea has provided high-quality editorial content and services, and has built a successful search advertising network. We’re proud of the work they’ve done. But despite the hard work of the team, the Korean operation has faced growing challenges over the past few years that now make scaling our business very difficult.

Yahoo! is committed to Asia. We have a solid business in APAC 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.


Image from cackhanded on Flickr (CC)

Author: Solon Harmony Dolor

A passion for technology and journalism makes this upcoming writer very interested in social media and technology news. Fresh from finishing an English and Journalism degree from the University of the Philippines Diliman, he aims to bring interesting news to our readers . Don't forget to subscribe and receive our latest posts in your inbox.

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