Connect with us

Hi, what are you looking for?

Gain That FlavourGain That Flavour

Tech News

Peloton announces new round of layoffs as CEO quits

Peloton logo
Another dark day for Peloton. | Illustration by Alex Castro / The Verge

Peloton’s CEO Barry McCarthy is stepping down after announcing yet another round of layoffs, this time affecting about 15 percent of its remaining workforce, or roughly 400 global team members. It’s the fifth round of layoffs to hit the pandemic darling and comes after McCarthy said on its Q1 2023 earnings call that the company was done with layoffs and that the “ship was turning.”

“Hard as the decision has been to make additional headcount cuts, Peloton simply had no other way to bring its spending in line with its revenue,” said McCarthy in his outgoing message, noting that it’s a crucial step as the company seeks to refinance its debt. The layoffs are part of a 12-month restructuring program meant to reduce annual expenses by more…

Continue reading…

You May Also Like

Editor's Pick

David J. Bier The House of Representatives impeached Department of Homeland Security (DHS) Secretary Alejandro Mayorkas, and now some senators are pressing to hold...

Politics

War between Iran and Israel would be to no one’s benefit in the region as it would likely end up in a pitched battle...

Tech News

The Dbrand Ghost Case for the iPhone 15 Pro. | Image: Dbrand Dbrand is scrapping plans to fix its anti-yellowing Ghost Case, but not...

Editor's Pick

Patrick G. Eddington One point I always make when talking about national security issues, and especially those involving surveillance powers, is this: when in doubt,...