A lot has been said and written about LeEco’s ongoing problems. The company is believed to be in financial troubles which may have also caused it to abandon its planned acquisition of Vizio. LeEco did confirm officially yesterday that it was giving up on this idea but blamed it on “regulatory headwinds.” According to a new report, LeEco continues to struggle and may end up laying off a third of its entire workforce in the United States.
It hasn’t really been long since LeEco established a presence in the U.S. market. It arrived Stateside with much pomp and circumstance in October last year and launched devices such as 4K TVs, a couple of new smartphones, and more.
Bloomberg reports that LeEco generated less than $15 million in revenue from the United States after launching here in October. The company wanted to bring in $100 million during the same time frame. It is because of not having met its targets, the scribe claims that LeEco is going to lay off nearly 175 of its 475 employees in the country.
LeEco hasn’t confirmed or denied the report but with the overall future of the company on the line due to ongoing financial issues, it may have to take some very tough decisions like these to give itself a slim chance of surviving in this competitive market.
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