Illustration by Alex Castro / The Verge
Peloton is cutting another 500 jobs, or 12 percent of its workforce, as it attempts to turn around its struggling connected fitness business, CEO Barry McCarthy announced in a memo to staff on Thursday. McCarthy says the company, which has lost money for six quarters straight, has six months to get back on its feet or else it may not be viable as a standalone company, The Wall Street Journal reports.
This is Peloton’s fourth round of layoffs this year after it let go of around 2,800 employees in February, 500 in July, and almost 800 in August. Combined, the cuts mean that the company’s workforce will now sit at around 3,800 employees globally. That’s a big drop from Peloton’s peak of 8,600 employees last year but not far off from the…
