Peloton is looking to trim hundreds of jobs as the company continues to reorganize its business which has stalled as the coronavirus-related surge fades.
FILE - This Nov. 19, 2019 photo shows a Peloton logo on the company's stationary bicycle in San Francisco, Calif. Peloton told employees Thursday, Oct. 6, 2022, that it will cut approximately 500 jobs, or about 12% of its workforce, as post- pandemic sales of its indoor exercise equipment continues to tail off.
“A key aspect of Peloton’s transformation journey is optimizing efficiencies and implementing cost savings to simplify our business and achieve break-even cash flow by the end of our fiscal year," a company spokesperson said in a statement. Peloton Interactive Inc. said Thursday that it has completed the vast majority of a restructuring plan that it started in February. That plan included a new chief executive and a smaller store base.
Peloton has been attempting to adjust its business to the current market after experiencing incredible sales growth during the height of the coronavirus pandemic. The New York-based company's shares surged more than 400% in 2020 amid lockdowns that made its bikes and treadmills popular among customers who pay a monthly fee to participate in its interactive workouts.sent many people out of their homes and back into gyms. The company has steadily worked on its restructuring efforts this year.
The company is working to return to profitability. In its fourth quarter, Peloton lost $1.24 billion, stung by restructuring and other charges. Revenue dropped to from $936.9 million to $678.7 million. Its annual loss for the fiscal year totaled $2.8 billion.Top Stories
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Peloton Slashing 500 More Jobs as It Races to Return to GrowthPeloton is cutting about 500 jobs, as well, but CEO Barry McCarthy says no further layoffs are planned.
Read more »
Peloton cuts another 500 jobs, completing 'vast majority' of restructuringPeloton CEO Barry McCarthy said in a memo to employees that the cuts mark the completion of the 'vast majority' of its restructuring plan launched in February.
Read more »
Peloton to cut 500 jobs as company's turnaround efforts continuePeloton’s shares surged more than 400% in 2020 amid pandemic lockdowns, but sales have slowed as more people go back to the gym.
Read more »
Peloton is cutting another 500 jobs in its fourth round of layoffs this year | EngadgetPeloton is cutting another 500 jobs in its fourth round of layoffs this year
Read more »
The Hennessey Ford Bronco Velociraptor 500 is a monstrous SUVHennessey Performance has developed a Velociraptor 500 package for the Ford Bronco Raptor that increases its 3.0-liter V6 engine's horsepower to 500 hp.
Read more »
Yellowstone volcano hit by over 500 earthquakes in Grizzly Lake swarmSince July there have been roughly 800 quakes in the area as part of an ongoing spike in seismic activity.
Read more »