Peloton is cutting hundreds of jobs in a corporate reorganization of its stalled business as the pandemic-related surge ebbs.
The maker of high-end exercise equipment cut approximately 500 jobs, or about 12% of its workforce, Peloton said Thursday.
NEW YORK (AP) — Peloton shares are on a wild ride this week, running up 20% Wednesday on a new partnership with Amazon only to erase those gains at the opening bell Thursday after quarterly losses for the connected exercise equipment maker topped $1.2 billion.
NEW YORK (AP) — Peloton's high-end exercise bikes and other gear will now be able to be bought on Amazon in the U.S., a partnership aimed at boosting the fitness company's sales that have languished since the easing of pandemic lockdowns.
Peloton is replacing its CEO, cutting jobs and reining in ambitious expansion plans after badly misjudging the staying power of the exercise-at-home trend that propelled its sales early in the pandemic.
Activist investor Blackwells Capital is asking Peloton to remove CEO John Foley and consider selling the company just a few days after a media report said the exercise and treadmill company was temporarily halting production of its connected fitness products amid waning consumer demand.
NEW YORK (AP) — Peloton's shares tumbled on Thursday after a media report said the exercise and treadmill company was temporarily halting production of its connected fitness products amid waning consumer demand.