Internet giant Yahoo is shutting down its presence in China. The US based giant announced that at least 200 people will be laid off. Yahoo has a research centre in Beijing and will be laying off 200 to 300 jobs. The news of shutting down of the Beijing office was give by a person from the company familiar with the issue.
The new move by Yahoo is completely contrast from the other internet companies which are counting on one of the biggest online population country. China is a growing market and the companies are looking forward to the market despite the fact that the authorities are blocking many of the products.
Even online micro-blogging site Twitter opened an office in Hong Kong in March 2015 while Facebook CEO Mark Zuckerberg gave a talk at the Beijing University in Chinese in 2014. The US based internet giant Yahoo confirmed about the shutting down of the Chinese office in a statement and said, “We are constantly making changes to align resources and to foster better collaboration and innovation across our business”. The statement added that the functions will be carried out in a few offices at their headquarters in Sunnyvale California.
The decision was taken after it announced in January 2015 that it would dissolve its stake with the Chinese e-commerce giant Alibaba.
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