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Peloton announced Thursday that CEO Barry McCarthy will be stepping down and the company will lay off 15% of its staff because it “simply had no other way to bring its spending in line with its revenue.”

After surging in popularity during the early days of the pandemic, Peloton Interactive continues to struggle in a non-quarantined world.

Peloton was a Wall Street darling during the pandemic, with a market cap of around $50 billion. Now, its CEO is out after two years, it announced more layoffs, and its stock hit a record low.

Shares of Peloton Interactive (PTON) sank to an all-time low Thursday after the provider of exercise machines and online workouts announced new cost-cutting measures, including layoffs, and that CEO Barry McCarthy was stepping down.

Although the revenue and EPS for Peloton (PTON) give a sense of how its business performed in the quarter ended March 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Peloton Interactive Inc (NASDAQ:PTON) reported disappointing fiscal third-quarter results before the open today.

Peloton announced that its CEO is leaving. It's also cutting 400 jobs and reorganizing.

Peloton CEO Barry McCarthy is stepping down from the beleaguered high-end fitness company after just over two years in the role, the company announced Thursday.

Peloton Interactive Inc (NASDAQ:PTON) boss Barry McCarthy will step down as chief executive amid a large-scale restructuring plan that also will see 15%, or around 400, team members lose their jobs. The Covid-era exercise bike fitness favourite hopes to save $200 million by the end of fiscal 2025 through the restructuring plan that will also see its showroom footprint reduced.

Peloton's chief executive officer is stepping down from the role as the fitness company plans to cut roughly 15% of its global workforce.