will shut down its auction business, according to a message posted on the Internet giant's auction site.
"After careful consideration, we have decided to close down our Yahoo! U.S. and Canada Auction sites to better serve our valued customers through other Yahoo! properties," Yahoo! posted on the auction site.
As research firm HitWise noted in a blog post Tuesday, the move "comes as little surprise," given Yahoo!'s failure to make significant headway in the sector. Market leader
garnered 94% of site visits in the auction category, HitWise said, with Yahoo! accounting for only 0.01%.
Yahoo!'s exit comes on the heels of the company's decision to shutdown Yahoo! Photos, a photo storage service, which overlapped with Flickr, another photo service run by Yahoo!. The company's many overlapping services were noted most pointedly in a top executive's
leaked memo, dubbed the "Peanut Butter manifesto," late last year.
Shares of Yahoo! were recently off 34 cents, or 1.1%, to $30.07.