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.
“We
are constantly making changes to align resources and to foster better
collaboration and innovation across our business,” Yahoo said in a
statement quoted by Bloomberg.
“We
currently do not offer local product experiences in Beijing but the
office has served as a research and development centre,” the statement
said.
Yahoo did not immediately respond to requests for comment by AFP.
The
move follows Yahoo’s announcement in January that it will spin off its
stake in Chinese e-commerce giant Alibaba, which last year listed on the
NYSE in a record offer.
Analysts say cutting the cord with Alibaba leaves Yahoo with a core of assets but no clear path or mission.
In
2005, Yahoo bought a 40-percent stake in Alibaba for $1 billion. The US
company ceded its China operations to Alibaba as a result.
Yahoo
shut down its China email service in 2013. It was earlier embroiled in
controversy when it handed authorities details of a Chinese journalist
who was sentenced to 10 years in prison.
Posted by : Gizmeon
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