Peloton Cuts 11% Of Workforce, Targets Engineers
Peloton Interactive said it cut 11% of its workforce on Friday, CEO Peter Stern informed staff, with most affected employees engineers working on technology and enterprise customers. The layoffs are part of a previously announced plan to save $100 million as the company struggles with sluggish sales of last year’s AI-powered equipment, price increases, and a recent equipment recall; Peloton will report quarterly results next week.
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Sources
- Read OriginalPeloton layoffs: Headcount reduced by 11%, engineering teams impacted in cost-cutting movelivemint.com
