Peloton CEO Peter Stern on Friday informed staffers of the move, which mostly affects engineers working on technology and enterprise-related efforts
(Reuters) — Peloton Interactive has cut 11% of its employees as it aims to reduce costs amid turnaround efforts, a spokesperson for the company said on Friday.
Widespread layoffs would mark another major move under CEO Peter Stern, who took charge of the fitness products maker last year and has revamped its product lineup and hiked prices across hardware and subscriptions to shore up the company’s finances.
The company employed more than 2,600 people as of June 30, according to its annual filing for fiscal year 2025.
“Today’s actions evolve our operational footprint and create efficiencies that enable us to continue investing in areas that support our return to growth,” the spokesperson said.
Stern on Friday informed staffers of the move, which mostly affects engineers working on technology and enterprise-related efforts, according to Bloomberg News, which first reported the news earlier in the day.
The company is scheduled to report quarterly earnings next week.
Peloton‘s shares are down over 9% so far this month, after falling nearly 30% last year.
(Reporting by Arsheeya Bajwa in Bengaluru; Editing by Leroy Leo)
