NEW YORK (TheStreet) — Shares of Yahoo Inc. (YHOO – Get Report) are higher by 0.60% to $44.94 in pre-market trading on Thursday morning, as the company is planning to cut up to 300 jobs as part of its plan to shut down its office in China to reduce costs.
The search engine company has been consolidating offices and downsizing its staff across its global businesses. Yahoo told Beijing employees on Wednesday that it will close the site, Bloomberg reports.
“We are constantly making changes to align resources, and to foster better collaboration and innovation across our business. We currently do not offer local product experiences in Beijing but the office has served as a research and development center,” Yahoo said, Bloomberg noted.
The research center was Yahoo’s only remaining physical presence in China after the company sold its operations in the country to Alibaba (BABA) in 2005.
Separately, TheStreet Ratings team rates YAHOO INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
“We rate YAHOO INC (YHOO) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company’s strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, notable return on equity, reasonable valuation levels, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income.”
You can view the full analysis from the report here: YHOO Ratings Report
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