Peloton is cutting 500 jobs, roughly 12% of its workforce. The company's CEO says it has six months to prove it can survive on its own or it won't be viable.
said it plans to cut about 500 jobs, roughly 12% of its remaining workforce, a move its chief executive said was necessary to save the connected-fitness-equipment maker.
The job reductions, announced to staff on Thursday, are the fourth round of cuts this year and will leave Peloton with roughly 3,800 employees globally, less than half the number of people the company employed at its peak last year. It also has eliminated about 600 more jobs since June than previously disclosed through retail store closings, attrition and other moves, Peloton said.
“There comes a point in time when we’ve either been successful or we have not,” Mr. McCarthy said in an interview, saying that point will be in about six months, or a little over a year since he took over as CEO.
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