US Internet company Yahoo is shutting down its presence in China, laying off at least 200 people, Bloomberg News reported. The closure of Yahoo’s Beijing office will eliminate 200 to 300 jobs, Bloomberg said Wednesday, quoting a person familiar with the matter.
Yahoo Shuts China Operations, Lays off 200 Employees
We are constantly making changes to align resources and to foster better collaboration and innovation across our business. We currently do not offer local product experiences in Beijing but the office has served as a research and development centre.
Yahoo also said:
“We will be consolidating certain functions into fewer offices, including to our headquarters in Sunnyvale, California,”
In 2005, Yahoo bought a 40-percent stake in Alibaba for $1 billion and according to the analysts, cutting the cord with Alibaba leaves Yahoo with a core of assets but no clear path or mission. Company has also cut down its email service to china and asked its users to shift on other. But making a huge number of worker unemployed is surely a great loss specially for the workers that will from now onwards be unemployed. Yahoo is the company that’s servers almost everywhere and specially known for its web portal, search engine and Yahoo search. It also include Yahoo Directory and Yahoo mail that is well recognized by ever person.