The company lost $1.26 billion in the fiscal year ended in June and an additional $350 million in the six months ended in December.
Peloton 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.since last year, shifting its identity as a seller of luxury exercise bikes and equipment to heath technology for all.The New York company experienced incredible sales growth during the height of the coronavirus pandemic.
Free cash flow, or the money left over after paying the costs of running the business, was a negative $470 million in fiscal 2023. It lowered its full-year revenue guidance by $25 million to a range of $2.675 billion to $2.7 billion, a dip from last year's $2.8 billion in revenue. McCarthy had taken over the CEO post from founder John Foley to right a business that had suffered from numerous stumbles, from. During his tenure, he made a hard push to shift Peloton's focus from high-priced hardware, to software and a fee-based app.
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Peloton cutting about 400 jobs worldwide; CEO McCarthy stepping downPeloton 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 Interactive Inc. said Thursday that the job reductions amount to approximately 15% of its global headcount.
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Peloton cutting about 400 jobs worldwide; CEO McCarthy stepping downPeloton 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.
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Peloton cutting about 400 jobs worldwide; CEO McCarthy stepping downPeloton 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.
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Peloton cutting about 400 jobs worldwide; CEO McCarthy stepping downPeloton 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
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Peloton CEO Barry McCarthy to step down, company to lay off 15% of staffPeloton announced Thursday that CEO Barry McCarthy will be stepping down just over two years after he took over from founder John Foley.
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Peloton CEO Barry McCarthy steps down, company cuts 15% of staffThe connected fitness company will also cut 15% of its workforce.
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