Yahoo announced that the company plans to completely withdraw from the Chinese market in order to cut costs. The company will close its last office in China and dismiss about 350 employees. Yahoo's Beijing based Global Research and Development Center is the company's last office in China. The company previously sold most of its China operations to the Alibaba Group in 2005.
Yahoo released a statement saying that, “The company has been trying to integrate its resources to promote collaboration and innovation.” BBC reported that Yahoo has been retreating from the Chinese market for the past few years. The company stopped providing email services in China in 2003.
Yahoo's decision to leave the Chinese market has not stemmed from pressure from the Chinese government, but from the company's need to reduce global operating costs. Yahoo faces strong international competition from companies such as Google and has had issues maintaining growth over the past few years.
Source: wenxuecity.com
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Keywords: Yahoo Chinese market China Yahoo
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The article is bogus in its reporting. The reason Yahoo is leaving China is that it was part of the deal when they sold part of their operations to Alibaba. They had until 2015-16 to finish the deal and leave China. This was reported on two years ago to give Yahoo users a heads up of what was to come.
Mar 20, 2015 21:39 Report Abuse
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