Peloton, the once-thriving fitness company, has hit another rough patch as it struggles to regain its footing in the post-pandemic era. CEO Barry McCarthy is now stepping down after the company’s share price dropped about 92 percent during his tenure.
The Verge reports that Peloton recently announced a fresh round of layoffs affecting approximately 400 employees, which amounts to 15 percent of its remaining global workforce. This marks the fifth time Peloton has had to resort to workforce reductions since its peak in 2021, highlighting the company’s tough journey to realign its operations with the shifting market dynamics.
With Peloton stock down approximately 92 percent from its high in 2020, the latest downsizing comes as a bitter pill to swallow, as it directly contradicts the assurances made by outgoing CEO Barry McCarthy during Peloton’s Q1 2023 earnings call,…
