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Yahoo: At Least $94 Million Loss After Ending Korea Venture

Nov. 9, 2012
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Internet company Yahoo on Friday reported a loss of at least 94 million dollars related to its decision earlier this year to exit South Korea.

The final bill consists of 87 million dollars in writedowns, 5 million dollars for severance payments and 2 million dollars for terminating leases. The company had warned Thursday that further expenses might be incurred.

New Yahoo chief Marissa Meyer has been busy since taking over earlier this year with hiving off non-performing parts of the company. It had been trying to build a presence in South Korea for 15 years, but had never built up a significant market share.

The losses will be recorded in the company's fourth quarter returns, it reported in a listing to the Securities and Exchange Commission, and would weigh on profits.



Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH


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