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Pandemic lockdown darling, Peloton (PTON, $13.53) has announced a fresh round of job losses. Announcing that it will slash around 780 jobs, close stores and hike up prices in a bid to make a profit.
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It will also exit last-mile logistics by closing its remaining warehouses and shifting delivery work to third-party providers, resulting in a portion of the job cuts. It is also cutting a number of positions in its in-house support team.
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Peloton axed roughly 3,000 jobs in February, as a new chief executive pledged a sweeping turnaround. It scrapped plans for a US factory and last month said it would no longer make its own equipment.
15 Aug 2022
Peloton’s new black hole
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Why it matters
Peloton became a pandemic favourite both in-home and on the stock markets - with its shares trading as high as $120.62 a piece roughly a year ago. However, as people slowly eek back into the world, demand tumbled, forcing it to reevaluate its business model. This has also culminated in an ongoing bloodbath of tech stocks and job losses, with everyone from Google to the meditation app Calm being affected.