Connect with us

Hi, what are you looking for?

Webinar Expert TeamWebinar Expert Team

Tech News

Peloton announces new round of layoffs as CEO quits

Peloton logo
Another dark day for Peloton. | Illustration by Alex Castro / The Verge

Peloton’s CEO Barry McCarthy is stepping down after announcing yet another round of layoffs, this time affecting about 15 percent of its remaining workforce, or roughly 400 global team members. It’s the fifth round of layoffs to hit the pandemic darling and comes after McCarthy said on its Q1 2023 earnings call that the company was done with layoffs and that the “ship was turning.”

“Hard as the decision has been to make additional headcount cuts, Peloton simply had no other way to bring its spending in line with its revenue,” said McCarthy in his outgoing message, noting that it’s a crucial step as the company seeks to refinance its debt. The layoffs are part of a 12-month restructuring program meant to reduce annual expenses by more…

Continue reading…

You May Also Like

Editor's Pick

The Volatility Index ($VIX) is one of my key sentiment indicators and it has a history of accurately predicting corrections and bear markets. We’ve...

Tech News

Why wait? | Image: Netflix Want to try the nine games that Netflix now streams from cloud servers directly to your laptop, desktop, or...

Tech News

Illustration: The Verge Canada’s security agency is trying to dissuade Canadians from using TikTok, telling users that their data is “available to the government...

Editor's Pick

Colleen Hroncich Jo Lawson and her husband were both public school teachers. When they had children, they planned to alternate years teaching and being...

Copyright © 2024 All Rights Reserved.