Yahoo to shut down South Korean office

Painful defeat for Yahoo! The company is doing increasingly worse. Even after several CEO changes in the past year, things have not improved and grim rumors of are more prolific than ever.

In the latest move to cut costs and restructure the company, Yahoo! announced its withdrawal from South Korea. This statement suggests that the internet giant will soon close down its office in Seoul and fire over 200 employees who are currently working there. The whole process should be completed by the end of this year.

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However it’s hard to believe that this particular decision does not even have anything to do with the success of companies like Google and Facebook. Apparently the biggest problems were caused by the local competition because companies like Naver and Daum Communications Corporation, made Yahoo Korea offer online search services to only 1.5% of the population in the area.