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Yahoo exits South Korea

Yahoo has pulled out of South Korea, the Yonhap News Agency has reported.

Today marks the end of all Yahoo Korea products, services, and content, as well as customer support in the Asian country, 15 years after its opening.

The move comes two months after Yahoo announced a plan to close its Korean business as part of "efforts to streamline operations and focus our resources on building a stronger global business that's set up for long-term growth and success." Still, Yahoo remains faithful to the region.

"Yahoo is committed to Asia," the company said in October.

"We have a solid business in APAC [Asia Pacific region] and see a lot of opportunity for growth across our content properties, communications services and ecommerce sites. We'll continue to focus on building great experiences for the millions of people across the region who come to Yahoo every day."

Earlier this year, Yahoo sold off half of its 40 per cent stake in China's Alibaba Group, for $7.6 billion (£4.7 billion), allowing the company to return about $3.65 billion (£2.24 billion) in proceeds to shareholders.