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Yahoo completes withdrawal from South Korean market

Its market share had been on the decline there as people increasingly used competing Web portals, like Naver and Daum.

As it promised earlier this year, Yahoo has completed its exit from the South Korean market before the end of the year, according to a brief report by the Yonhap News Agency.

Yahoo announced its intention in October to withdraw from the country, saying that the move was a response to "efforts to streamline operations and focus our resources on building a stronger global business that's set up for long-term growth and success."

The South Korean unit, which had been in operation since 1997, consisted of about 200 employees, delivered editorial content and handled the company's advertising efforts in that country. Yahoo's market share in South Korea has been on the decline as users increasingly used competing Web portals, like Naver and Daum.

"The Korean operation has faced growing challenges over the past few years that now make scaling our business very difficult," Yahoo said in a statement in October.

Yahoo isn't the only company having trouble competing in South Korea. Motorola Mobility plans to close "most" of its operations in the country by 2013, according to a leaked internal memo. After long struggling with low handset sales in the Asian country, phone maker HTC closed its doors in South Korea in July.

(Via TNW)