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News >> Technology >>
Yahoo! shuts down GeoCities
By siliconindia
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Tuesday, 27 October 2009, 14:46 IST
San Francisco: Yahoo! has shut down GeoCities, a free Web hosting service that it purchased for over $3 billion at the height of the dot-com boom. Yahoo! said GeoCities would not be available after October 26 and recommended that GeoCities refugees set up new online homes at its paid Web hosting service, with an introductory offer of just $5 for the first 12 months.
The closure of GeoCities comes a week after Yahoo! reported that aggressive cost-cutting helped it more than triple its net profit despite a 12 percent decline in revenue in its third quarter. "We have enjoyed hosting websites created by Yahoo! users all over the world, and we're proud of the community you've built," the California-based Internet pioneer said in a message at the GeoCities website. "However, we have decided to focus on helping our customers explore and build relationships online in other ways."
Yahoo! said that the net profit soared more than 244 percent in the quarter to $186 million or 13 cents per share, from $54 million or four cents per share, a year ago, surpassing analysts' forecasts. The better-than-expected performance was due in large part to cost-cutting measures implemented by Carol Bartz since being named in January to replace Yahoo! Co-founder Jerry Yang as Chief Executive.