YAHOO Inc will close its Beijing-based global research and development center with the loss of 350 employees, media reported yesterday, citing internal sources at the US-based Internet giant.
Yahoo, whose share of the Chinese market has been eroded by Baidu.com Inc and Qihoo 360, will shut down the Beijing center “soon” and give employees a “fair and reasonable” compensation, Sina reported yesterday, citing an internal letter from the center.
The center’s employees are expected to be compensated with a “N+4” monthly package. N means the length of service of an individual employee.
Opened in 2009, Yahoo’s center focused on research on search, advertising, cloud computing and other personal Internet tools and technologies such as Yahoo Mail and Flickr.
The center runs independently from the Alibaba Group, which controls Yahoo’s operations in China. It has about 350 full-time employees, according to the center’s website
Testo: Shanghai Daily By Zhu Shenshen | March 19, 2015, Thursday