 "Yahoo shutting office, cutting jobs in China: report")
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.
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 New York Stock Exchange 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% 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.
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.
Also Read
"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 New York Stock Exchange 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% 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.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%