LeEco U.S. to lay off 80% employees: media reports

Logo of Chinese technology company LeEco [Photo: qq.com]

It's being reported that Chinese technology company LeEco is planning to lay off 80% of staff in its U.S. division.

QQ.com is reporting LeEco will announce its decision on Tuesday, May 23, 2017 from its headquarters in San Jose, California.

The layoffs will reportedly cut staffing at LeEco offices in San Jose, San Diego and Santa Monica from 500 down to as low as 60.

LeEco has refused to comment, reports QQ.com, which also contends LeEco had been preparing for the layoffs through organizational and personnel changes at its U.S. operations since March.

Jia Yueting, the founder of LeEco, resigned as CEO of the corporation on last weekend.

LeEco, which started out as online TV content provider LeTV in China, has been hit by low revenues and high expenses in its US operations, according to media reports.