Fitness Equipment Maker Peloton Lays Off Around 500 Staff To Save Its Struggling Business: Report

Peloton Interactive Inc NASDAQ:PTON is reportedly laying off a significant number of employees for the fourth time this year to reverse its increasing losses and save the struggling business.
Chief Executive Officer Barry McCarthy took the company's reigns in February and said he is giving the unprofitable company about another six months to turn itself around significantly.
If the company fails to turn around, Peloton likely isn't viable as a stand-alone company, the Wall Street Journal reported, citing the CEO.
The struggling fitness-equipment maker plans to cut about 500 jobs, roughly 12% of its workforce, leaving the firm with around 3,800 employees, less than half of what it had in 2021.
In July 2022, the company announced exiting all owned manufacturing, which involved reducing 500 employees in Taiwan.
In August 2022, PTON reduced 530 employees from its North American delivery workforce teams and 250 Member support positions in North America.
The company has reported six straight quarterly losses, with $1.2 billion in the most recent quarter.
Demand for Peloton's bikes and treadmills has plunged as people shift to pre-COVID routines.
Peloton last week announced to start selling its exercise equipment at Dick's Sporting Goods Inc NYSE:DKS stores as the latest effort to attract new customers.
Price Action: PTON shares are up 5.24% at $8.94 on the last check Thursday.
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