Yahoo to close auction site in US
Thursday, May 10, 2007
Yahoo Inc, will close its online auctions site in the US after it failed to match the popularity of EBay Inc.
The site will stop taking listings on June 3 and the last day of bidding will be June 16, Sunnyvale, California-based Yahoo said on Tuesday on the site.
Yahoo will continue to run auctions sites in Hong Kong, Singapore and Taiwan.
The closure comes less than a week after Yahoo said it would shutter the Yahoo Photo service to focus on its faster-growing Flickr site.
Chief executive officer Terry Semel reorganised Yahoo last year into three units to make it a nimbler competitor to Google Inc. Yahoo executives have said the company has too many competing products.
Yahoo said it plans to close the site to “better serve our valued customers through other Yahoo products.”
EBay had more than 60 million US visitors in March, according to Nielsen//NetRatings, which tracks web use. Bidz Inc was second with 1.76 million users. Yahoo’s site had fewer than 3,30,000 visitors, the minimum threshold that Nielsen uses for its measurements.
Shares of Yahoo rose 3 cents to $30.41 on Tuesday in Nasdaq Stock Market trading. They have climbed 19% this year.
( Source ) Bloomberg
The site will stop taking listings on June 3 and the last day of bidding will be June 16, Sunnyvale, California-based Yahoo said on Tuesday on the site.
Yahoo will continue to run auctions sites in Hong Kong, Singapore and Taiwan.
The closure comes less than a week after Yahoo said it would shutter the Yahoo Photo service to focus on its faster-growing Flickr site.
Chief executive officer Terry Semel reorganised Yahoo last year into three units to make it a nimbler competitor to Google Inc. Yahoo executives have said the company has too many competing products.
Yahoo said it plans to close the site to “better serve our valued customers through other Yahoo products.”
EBay had more than 60 million US visitors in March, according to Nielsen//NetRatings, which tracks web use. Bidz Inc was second with 1.76 million users. Yahoo’s site had fewer than 3,30,000 visitors, the minimum threshold that Nielsen uses for its measurements.
Shares of Yahoo rose 3 cents to $30.41 on Tuesday in Nasdaq Stock Market trading. They have climbed 19% this year.
( Source ) Bloomberg
posted by Chris and Frank at 10:31 AM
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