Yahoo (NASQAQ:YHOO) has announced that its South Korean operations will be closed at the end of 2012. This will be the first Asian country that the company is leaving, but it underscored in a statement that it is committed to the region.
Yahoo’s statement, in its entirety, is this:
Today Yahoo! announced that we plan to close our Korean business at the end of this year. This decision is part of our efforts to streamline operations and focus our resources on building a stronger global business that’s set up for long-term growth and success.
Since 1997, our team in Korea has provided high-quality editorial content and services, and has built a successful search advertising network. We’re proud of the work they’ve done. But despite the hard work of the team, the Korean operation has faced growing challenges over the past few years that now make scaling our business very difficult.
Yahoo! is committed to Asia. We have a solid business in APAC and see a lot of opportunity for growth across our content properties, communications services and ecommerce sites. We’ll continue to focus on building great experiences for the millions of people across the region who come to Yahoo! every day.
[Yahoo, via The Next Web]
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