Peloton CEO says company has 6 months to show it can survive, 500 job cuts coming, report says

Peloton has six months to amusement it tin past arsenic a standalone company, CEO Barry McCarthy said, according to a study from The Wall Street Journal.

Peloton besides plans to chopped 500 jobs, oregon astir 12% of its workforce, the Journal said, adding that employees were told of the reductions Thursday. The institution has already had aggregate layoff rounds this year.

Shares of the fitness-product institution fell much than 4% successful premarket trading pursuing the report.

A Peloton spokesperson didn't instantly respond for a petition for comment.

"If we don't grow," McCarthy, who took implicit arsenic CEO earlier this twelvemonth from co-founder John Foley, told the Journal. "We request to turn to get the concern to a sustainable level."

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