Yahoo! closes GeoCites to save cash
LONDON - Yahoo! is to pull the plug on GeoCites, its free personal web hosting service, later this year as part of a far reaching cost-cutting programme.
The internet giant says it is winding down all GeoCites accounts and websites in favour of helping ‘customers build new relationships online'.
Yahoo! bought GeoCites fro $3.75bn (£2.58bn) at the height of the dotcom boom in 1999 to allow users to create their own personal websites.
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During its heyday the service hosted millions of sites, but it has since fallen from grace with consumers migrating to social networks like Facebook and MySpace.
The closure of GeoCites marks the end of Yahoo!'s free web hosting services, but other offerings such as email remain unaffected.
Yahoo! also recently shelved Mash, its fledgling social network service touted as a potential rival to Facebook, as well as another of its social media services, Yahoo! 360.
The internet giant is having a tough time, recently reporting a 78 per cent year-on-year fall in post-tax profits for the first three months of this year to $118m (£81m). It plans to reduce its workforce by 5 per cent.
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