Posted by In a statement released late Thursday afternoon, the CEO expressed his gratitude to the staff members who had been let go: “Restructuring a firm entails painful decisions that touch people’s lives. I’m appreciative of all the people who have helped in so many ways.
Peloton is cutting back on marketing. Can It Last Without a More Clearly Defined Brand?
Why it matters: Peloton is now implementing a significant turnaround plan focused on expanding into new markets and reducing expenses.
The most recent: The corporation today announced its fourth wave of layoffs this year, resulting in the loss of 500 employees in addition to the thousands previously lost.
In this most recent wave, marketing has seen the most cuts.
McCarthy assumed command in February. The former CFO of Spotify and Netflix recently told investors at a conference sponsored by Goldman Sachs that he had come out of retirement to mend Peloton and would then return to it.
The larger picture: Peloton is one of several businesses that placed excessive bets on the durability of pandemic trends.
This year, Shopify made employee reductions after misreading e-commerce trends and expanding too quickly.
FedEx overestimated how long demand would endure as its expenses climbed, therefore it is eliminating operations, reducing expenditures, and shortening employee hours.