LeEco is cutting 70 percent of its U.S. workforce
Since then, it’s been a relatively quiet approach for the company that has wanted to make waves as big as Apple and Samsung for the “fickle U.S. consumer.” April was a busy month for LeEco, with reports that it was “in trouble” in the United States and the company not handing out year-end bonuses as well as delaying paychecks.
Later in the month it was reported that LeEco would not be finalizing its acquisition of Vizio. Now the bad news continues to roll on. As CNET reports, LeEco is cutting up to 70 percent of its workforce in the United States, about 325 employees.
The reason, according to the report, is a “lack of funding.” It speaks to the fact that LeEco had a bold ambition of expanding into the U.S. market with talk about revolutionizing the way they use their phones and costume content on TVs (plus much more), but without having a recognizable brand name in the new market to back it up.
For what it’s worth, LeEco still plans on operating in the U.S. market, but its scope has diminished quite a bit, with plans to focus on Chinese-speaking homes.
Did you expect big things from LeEco in the U.S.?