Posted 03/19/2015 at 8:55 AM
Posted 2 years ago
Yahoo is closing their office in China.
300 employees are expected to get their walking papers as a result.
The closure and cuts are part of a larger, worldwide cost-cutting project Yahoo is embarking on.
According to a report here, Yahoo said in a statement “We are constantly making changes to align resources, and to foster better collaboration and innovation across our business…We currently do not offer local product experiences in Beijing but the office has served as a research and development center.”
Shaun Rein, managing director of China Market Research in Shanghai, said “An R&D facility like this is a huge cost, and for a company as weak as Yahoo is now, it doesn’t make sense…Yahoo doesn’t have significance in China. Yahoo can’t really recruit top people and Chinese firms are not going to advertise on Yahoo.”