Peloton is cutting about 400 jobs worldwide and its CEO Barry McCarthy is stepping down after two years.
eloton is cutting about 400 jobs worldwide as part of a restructuring effort and its CEO Barry McCarthy is stepping down after two years as the company continues to work on turning around its business.Peloton has been working on a significant rebranding since last year, shifting its identity as a seller of luxury exercise bikes and equipment to heath technology for all..
The losses continue. Peloton reported Thursday that for the third quarter it lost $167.3 million, or 45 cents per share, While that's better than the loss of $275.9 million, or 79 cents per share, that it reported a year earlier, the performance fell short of the loss of 39 cents per share that analysts polled by Zacks Investment Research expected. Revenue totaled $717.7 million, below Wall Street's estimate of $719.9 million.
McCarthy, who is also stepping down from his president and board member posts, will remain with Peloton as a strategic adviser through the end of the year.
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