CompaniesBIO

Peloton is cutting another 500 jobs in a move that CEO Barry McCarthy said should position the struggling fitness equipment maker to return to growth. The cuts, which amount to about 12% of Peloton’s workforce, mark a pivot point for the company, McCarthy told CNBC Thursday. Peloton already had multiple rounds of layoffs this year. “The restructuring is done with today’s announcement,” McCarthy said. “Now we’re focused on growth.” McCarthy said the company now has to prove its recent spate of strategy changes, including equipment rentals and partnerships with Amazon and Hilton, can help the company grow. Peloton raising bike prices, cutting jobs and closing locations Aug. 15, 2022 01:54 Shares of Peloton seesawed in premarket trading. The stock is down about 76% so far this year. McCarthy has overseen drastic changes to Peloton’s business model this year as the company struggled with sales after a boom during the earlier days of the Covid pandemic. A former Spotify and Netflix executiv...

Peloton is cutting another 500 jobs in a move that CEO Barry McCarthy said should position the struggling fitness equipment maker to return to growth. The cuts, which amount to about 12% of Peloton’s workforce, mark a pivot point for the company, McCarthy told CNBC Thursday. Peloton already had multiple rounds of layoffs this year. “The restructuring is done with today’s announcement,” McCarthy said. “Now we’re focused on growth.” McCarthy said the company now has to prove its recent spate of strategy changes, including equipment rentals and partnerships with Amazon and Hilton, can help the company grow. Peloton raising bike prices, cutting jobs and closing locations Aug. 15, 2022 01:54 Shares of Peloton seesawed in premarket trading. The stock is down about 76% so far this year. McCarthy has overseen drastic changes to Peloton’s business model this year as the company struggled with sales after a boom during the earlier days of the Covid pandemic. A former Spotify and Netflix executiv...