Yahoo Pulls out of China, Cutting up to 300 Jobs

By Tim Maytom

Yahoo

Yahoo is set to shut down its operations in China, at the cost of between 200 and 300 jobs, in the latest round of cost-cutting from the internet firm. Since October, up to 900 employees have been let go.

According to The Wall Street Journal, the company will be shutting down its Beijing research centre, its only physical presence in mainland China, which was largely focused on engineering, and also served as a hub for the firm’s Chinese operations.

The firm ceased offering a large number of services to Chinese users back in 2013, instead encouraging consumers to open accounts with Alibaba, which Yahoo has a 15 per cent stake in. However, it announced earlier this year that it was planning to spin-off its stake into an independent company by the end of 2015, suggesting it may be trying to pull out of China altogether.

The job losses, which represent around two per cent of Yahoo’s global staff, are only the latest in a series of cuts by CEO Marissa Mayer, who has been under increasing pressure to cut costs at the company, with Business Insider reporting that firings have been taking place on a consistent, almost …read more

Source:: Mobile App News

      

admin