Yahoo to shut it's operations in South Korea by this year's end
The decision is seen as a direct result of the challenging environment that yahoo faces from itís competitors globally, as well as from domestic web portals in South Korea.
Yahooís office in Seoul which will shut down by this years end, has around 200 employees. With Yahooís exit, South Korea will be become the first Asian country that the company has decided to quit. The company is forced to shut itís operations as faces stiff competition from global giants like Facebook and Google.
In a statement made by Yahoo, it said, "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."
Other than itís global competitors, Yahoo also lags behind the domestic players in South Korea like NHN Corp, Daum Communications Corp and SK Communications Co.
The company has struggled to settle things internally as well, as earlier this year, it appointed itís third CEO in less than a year.
First, Jerry Yang, the co-founder of Yahoo had stepped down as the CEO of the company as the company cut thousands of jobs citing internal reorganization.
After young, Scott Thompson took over as the CEO of the company, but was forced to resign in less than 6 months after falling in a controversy regarding his academic credentials.
Former Google employee, Marissa Mayer took over the job as the CEO of Yahoo in earlier this year in July, and hopes to revive the companyís fortunes.
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