Yahoo reports loss after Korea exit

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.

Yahoo! Chief Executive Marissa Mayer. Credit: REUTERS

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. - Sapa-dpa