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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