Peloton's stock shot up more than 13% Friday, after the company said it would lay off more people and begin 'aggressive' cost cutting measures that will include store closures.
At the same time, CEO Barry McCarthy wrote in a company memo reviewed by Axios that the company will continue to recruit for people in "key" roles such as software engineering.about how many people were interested in its products and services.
The fitness equipment maker and platform has been facing an inventory glut, as consumer demand diminished after the height of the pandemic.of its bikes and treadmills, canceled plans to open a manufacturing facility, and outsourced delivery and logistics of its products.The company is also reversing its April decision to cut the price of some of its products in an effort to generate free cash flow.
The price of the Bike+ is now back to $2,495 in the United States and its Tread machine is now $3,495, a $650 increase from itsThe changes are designed to "maintain [Peloton's] position as the undisputed premium brand in the Connected Fitness category," McCarthy wrote.Most people who wanted a Peloton likely already have one.
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