Yahoo shuts down its services in South Korea

The company has been surpassed by local portal sites, such as NHN's Naver and Daum Communications

Closing out the year, Yahoo ended its online services in South Korea on Monday.

The company first announced its intentions in October. Since then, users that wanted to stay with Yahoo have had the option to close their local accounts and migrate them to the U.S. equivalents.

"It has been our privilege to bring you entertaining and delightful online experiences over the last 15 years, and we have enjoyed every minute of it. But despite the hard work of our team, Yahoo's business in Korea has faced significant challenges that now make future growth very difficult," the company said on its website.

Established in 1997, Yahoo Korea had around 200 employees, the company said previously.

Yahoo's decision to shut down operations in South Korea is part of its latest makeover efforts under new CEO Marissa Mayer, who has been in charge of the company since July.

In its heyday, Yahoo Korea had the top search engine as well as a popular instant messaging service in a country with a strong favor for local Internet brands.

But as Yahoo faced heightened competition from rivals such as Google and Facebook globally, it has also been surpassed by local Korean portal sites, such as NHN's Naver and Daum Communications.

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