Yahoo’s $94-million blunder

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iol scitech oct 4 yahoo

REUTERS

A spokesperson for Yahoo confirmed that Yahoo Mail was vulnerable to attack.

New York - Internet company Yahoo 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 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

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