The Karma is finally dead.
In 2016, rising Chinese tech star LeEco made an aggressive move to conquer the unfamiliar US market with cheap gadgets. But just months after a blingy launch event in October, the company’s American operation is in shambles. From missed payrolls to disappearing employees, former employees of the once-hyped startup…
LeEco, the so-called “Netflix of China,” was supposed to take the US tech scene by storm. Instead, its ambitious plans appear to be collapsing. Six months after a splashy US launch, Bloomberg reports that LeEco missed its 2016 US sales goals “by a wide margin” and that it is planning on cutting jobs.
Cisco Systems, the largest networking equipment company in the world, will lay off 14,000 of its over 73,000 employees, according to a new report by CRN. The company is expected to announce the news in the coming weeks and has reportedly already starting offering many employees early retirement packages.
Ouch. BlackBerry announced a quarterly net operating loss of nearly $1 billion and plans to cut 4,500 jobs on Friday afternoon, shortly after trading was halted. By 2015, the company plans to cut operating expenditures by 50 percent.
A tipster who works for Best Buy has told us that the company on Tuesday began implementing a "restructuring plan," which is PR-speak for massive layoffs and the reason your Geek Squad appointment has been indefinitely delayed.
HP's quarterly earnings may have outperformed expectations, but it's not good enough: the Silicon Valley company confirmed rumors that it would cut lots of jobs. 27,000 jobs to be precise. That's 8-percent of its workforce.
HP handed out pink slips to employees in its webOS Global Business Unit on Monday. The computer company wouldn't say how many workers it was letting go, but rumors suggest over 500 people are now unemployed. [AllThingsD]
What do you do after you pay $1.2 billion for a company? You gut 'em. Or that's what HP is doing to Palm. AllThingsD is reporting that HP is cutting "former Palm staffers from its ranks". It's proving, what everyone sort of thought already, that HP is buying Palm more for its IP and technology than for its talent.
The 1,200 cut today follows up their 1,400 count layoff in January, which were its first ever. This makes 2,600 total out of the 5,000 they announced would be cut, back in January. Maybe it can use some of that $11 million in stimulus money to build a bridge so the poor people who got laid off can live under it. […
Apple's financials looked pretty spectacular this quarter, with a total profit in excess of $1.2 billion despite the gruesome economy. They also exceeded expectations for iPod and iPhone sales, laptop sales, and layoffs. Wait, what?
Tomorrow might not be the best day to go to Best Buy, as two independent sources (one of which we've used in the past) have warned us of extensive store-level layoffs. UPDATE
IBM has begun notifying employees that layoffs or "resource actions" are coming. All in all, some 5000 employees, mostly from the Global Business Services division will be affected. [Digital Daily]
Valleywag's tipsters tell them that there could be slashes at Apple today, specifically in the sales departments. [Valleywag]
In addition to cutting 15,000 jobs, Panasonic's all but ordering another 10,000 employees who didn't get axed to buy Panasonic electronics.
In the wake of Microsoft's first wave of layoffs, Seattle thrift stores are seeing a significant rise in Microsoft-related, wearable propaganda. And some of this stuff is downright hilarious.