Printed from http://www.electronista.com

Yahoo exiting South Korea market before end of 2012

updated 04:58 pm EDT, Fri October 19, 2012

Search engine giant falls to Google, local competitor competition

Yahoo said on Friday that it was exiting the South Korean market, citing challenges in the market and stiff competition in the area. Founded in 1997, Yahoo Korea has around 250 employees who will now be looking for work. Localized online portal services will be terminated before the end of the year, with all the corporate assets moved or sold by February 2013.

"Yahoo has faced several challenges in the past couple of years and decided to pull out of the (Korean) business to put more resources on global business and become more powerful and successful," Yahoo said in a statement regarding the decision.

Later in the statement, the statement claimed that "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 e-commerce sites. We'll continue to focus on building great experiences for the millions of people across the region who come to Yahoo! every day."

Not including Google, Yahoo failed to beat local search engine and web portal competitors NHN Corp, Daum Communications, and SK Communications. The move is expected to save the search engine millions of dollars annually after a one-time charge associated with the closure.



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Dell AD211 Bluetooth speaker

For all of the high-priced, over-engineered Bluetooth speakers in the electronics market, there is still room for mass-market solution ...

VisionTek 128GB USB Pocket SSD

USB flash drives dealt the death blow to both the floppy and Zip drives. While still faster than either of the old removable media, sp ...

Kodak PixPro SL10 Smart Lens Camera

Smartphone imagery still widely varies. Large Megapixel counts don't make for a good image, and the optics in some devices are lacking ...

Sponsor

toggle

Most Commented

 
toggle

Popular News