Guangzhou-based Time Weekly has reported that LeEco is downsizing its 8,000 employees by 10% to help alleviate its cash demands. The company, which recently acknowledged it has cash flow issues related to its rapid expansion.
Analyst Comment
LeEco was due to acquire Vizio in this quarter, but as far as we could see at press time, the deal hadn’t been done, so must be in serious doubt. (BR)
