Peloton was hit by a major pandemic. Oddly enough, the company’s line of high-end exercise equipment (from bikes to treadmills and even weight training techniques) was a popular at-home workout product. That boom has led some people (not ordinary, sensible people) to suggest that we might not return to brick-and-mortar gyms when the world reopens.
But…we went back. Now, Peloton’s latest financial numbers and financial reporting are not great, and more cuts, cuts, and cuts are on the cards. The company’s stock price has gone from $156 in 2021 to less than $3 today. Peloton plans to lay off 15 percent of its workforce, close more showrooms and fire its CEO again. Mr. Big was also killed.
The company says it has plans to expand overseas (it has a foothold in the UK), but it may just be a case of the company resizing to fit the reality of at-home fitness in 2024.
— Matt Smith
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