Peloton is undergoing another round of layoffs — its fourth this year — with about 500 jobs being eliminated, as the troubled exercise company looks to cut costs to improve its bottom line
The company said in a statement that 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.” However, Peloton said that Thursday’s cuts “marks the completion of the vast majority of our restructuring plan” it began in February 2022 after CEO Barry McCarthy assumed the position.
The layoffs amount to 12% of its staff, leaving the company with nearly 4,000 employees — that’s less than half the number of employees it had its peak in 2021. Cuts are companywide, however they are “heaviest in its marketing operation,” the Wall Street Journal first reported. The company reported in August another dismal quarter, losing more than $1.2 billion and revenues sinking 30% compared to million the year prior.
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