Peloton Plans to Cut Jobs, Production Levels as Sales Slow
Company posts revenue of $1.14 billion, just below estimates
CEO disputes reports of production halt, but confirms layoffs
Peloton Interactive Inc. vowed to slash expenses at the struggling fitness company, including labor and production costs, but disputed reports that it had idled its factories to save money.
In a memo to staff, Chief Executive Officer John Foley said Peloton was “right-sizing our production
as we evolve to more seasonal demand curves, we are resetting our production levels for sustainable growth.”
Peloton is reeling from a slowdown triggered by consumers emerging from pandemic lockdowns and returning to traditional gyms
It had been a Wall Street darling when customers were stuck at home and demand outstripped supply
Now the company is considering jobs cuts to get itself back on track, Foley said
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