Peloton is working with the management consulting group McKinsey & Co. to review its cost structure and potentially eliminate jobs, CNBC has learned.
Peloton is working with the management consulting group McKinsey & Co. to review its cost structure and potentially eliminate some jobs, CNBC has learned.
Job cuts were discussed in a recent call with members of Peloton's management team, according to a recording obtained by CNBC. The apparel division, which has seen particularly weak sales, is one area that could be targeted. The company doesn't disclose revenue in its apparel business. "Morale is at an all-time low," said one employee, who requested anonymity to be able to speak freely to CNBC. "The company is spinning out so fast."
Chief Financial Officer Jill Woodworth had said in early November that the company was looking to lower costs as the pace of revenue growth and new subscriptions slowed dramatically from the early days of the Covid pandemic, when consumers were looking for alternatives to the gym. In the three-month period ended Sept. 30, Peloton onboarded about 161,000 connected fitness subscribers, the lowest net addition in eight quarters. Revenue grew 6% year over year, compared with a 250% increase in the same quarter in 2020.. It employed 6,743 people in the United States as of June 30, more than double the roughly 3,281 employees it counted a year earlier, according to annual filings.
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