Zee Media Bureau
New Delhi: Internet giant Yahoo pulling the plug on its China office, as per media reports.
The internet company will also purportedly lay off between 200 and 300 employees as part of a worldwide consolidation aimed at cutting costs.
Yahoo, a one-time Internet pioneer, is trying to revive stagnant revenue growth under the leadership of Marissa Mayer, who took the helm as Chief Executive three years ago.
Mayer has moved aggressively to kick-start the company with product makeovers, acquisitions and big media hires, including celebrity newswoman Katie Couric. But the ad sales business continues to struggle at a time when rivals such as Google, Facebook and Twitter are posting strong revenue growth.
Yahoo’s stock has more than doubled since Mayer, a former Google executive, took the helm in July 2012. But analysts say much of the gain is due to aggressive stock buybacks and the expected IPO of Alibaba, in which Yahoo owns a 24 percent stake.
