Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Social Media

Yahoo closing Cairo office

YAHOOYahoo said that it is closing its Egypt office as part of an effort to restore the faded Internet star to former glory.

“Today, Yahoo announced to employees that we plan to close our Cairo office at the end of this year,” spokeswoman Sara Gorman told AFP in an email, on Wednesday.

“This decision is part of Yahoo’s global effort to streamline operations, encourage collaboration by bringing more Yahoos together in fewer locations, and build a strong global business that is set up for long-term growth.”

Gorman declined to reveal how many employees it has in the Cairo office and maintained that the Middle East and Africa remain important markets for the company.

The company said it will continue to operate offices in Amman and Dubai.

The Internet pioneer that has been struggling for years to reinvent itself after withering in Google shadow reported last week that its profit in the recently-ended quarter slipped from the same period a year ago, when its coffers were swelled by the sale of shares in China’s Alibaba.

The earnings figures, which topped Wall Street expectations but showed that Yahoo chief Marissa Mayer had yet to rev up the company’s revenues, were released along with word that the California company would keep a larger portion of Alibaba under an amended agreement with the Chinese Internet retail titan.

Yahoo said it would sell 208 million Alibaba shares, instead of a previously agreed 261.5 million shares as the Chinese firm prepares a public offering.

The original repurchase agreement of May 2012 provided that in the event Alibaba completed a qualified IPO, Yahoo would sell up to 261.5 million of its 523.6 million ordinary shares of Alibaba, either directly to Alibaba Group or in the qualified IPO.

After an IPO, Yahoo, one of the early investors in Alibaba, has the right to sell its remaining shares.

Advertisement. Scroll to continue reading.

During an earnings presentation streamed live online, Mayer highlighted hirings, acquisitions, improved products and rising user engagement instead of profit or revenue.

“It will take time for the increased engagement to translate into revenue,” Mayer said. “But I am confident we are on the right track.”

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...