More layoffs hit LeEco as company aims to refocus business
it seemed like an overnight affair when we went from hearing about LeEco’s meteoric rise in China to their sudden aggressive expansions westward. That included spawning headquarters in North America and buying Vizio, one of the leading TV brands.
Even LeEco admitted they probably moved way too fast, with the company previously suggesting they’ll slow down as they look to regain their balance (and more money in their pocketbooks).
Indeed, they’re making nice on that promise (though we’re not sure how nice it is depending on who you are): more layoffs are inbound in several regions, including the company’s operations in India. LeEco will also reportedly slow down on plans to expand offline sales and instead focus on their online business.
LeEco clarifies that these layoffs are not the result of a failing business or anything, but more a proactive move to ensure they’re properly seated in what has proven to be a volatile industry. Tech companies can rise and fall at the snap of a finger due to increased global competition, and LeEco rightfully doesn’t want to overextend.
Of course, that doesn’t mean they’re packing their bags and immediately hauling ass back to China, but they’ll probably be in Netflix and Chill mode to see how the market accepts them before opting to make any more big moves to expand.
[via NDTV]