Peloton (PTON) Pumps the Brakes on Labor, Cuts 15% of Workforce as CEO McCarthy Dismounts
    Peloton (PTON) Pumps the Brakes on Labor, Cuts 15% of Workforce as CEO McCarthy Dismounts
    PRISM View

    May 02, 2024 - by Ashlee Vogenthaler

    Peloton (PTON) Pumps the Brakes on Labor, Cuts 15% of Workforce as CEO McCarthy Dismounts

    02 May 2024

    New York, May 02, 2024 - PRISM MarketView - This morning the exercise enthused company Peloton Interactive, Inc. (PTON) announced its 3Q financials which not only missed Street estimates but disclosed the company’s intention to cut about 400 jobs equating to 15% of its workforce which is intended as a restructuring initiative to sustain positive free cash flow.  To add to the deflated news, the company’s CEO, Barry McCarthy resigned. While McCarthy made multiple attempts to keep the company pedaling, over the course of the past few months, the company continued struggling to grow at scale and may not grow revenues until Q4. The Board has issued a search for its next CEO. Karen Boone, current Peloton Chairperson, and Chris Bruzzo, a Peloton Director, will serve as Interim Co-CEOs

    Peloton Interactive, Inc. - Prism MarketView

    Peloton Interactive, Inc. operates interactive fitness platform in North America and internationally. The company offers connected fitness products with touchsc

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    PELOTON ANNOUNCES COST REDUCTION EFFORTS TO POSITION COMPANY TO SUSTAIN MEANINGFUL, POSITIVE FREE CASH FLOW

    Peloton Interactive, Inc. (NASDAQ: PTON) today announced comprehensive restructuring efforts to align the company's cost structure with the current size of its business. This restructuring will position Peloton for sustained, positive free cash flow, while enabling the company to continue to invest in software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business. Upon full implementation, the company expects

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    The company is listed in the PRISM Consumer Products Index and currently last in the race on the day.

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