Peloton's uphill ride to get more sales is getting rougher as more people return to gyms and other pre-pandemic exercise routines and embrace cheaper options
to open its first U.S. factory, which would have employed 2,000 workers in Ohio. Co-founder John Foley stepped down as CEO and the company said it would cut nearly 3,000 jobs.
McCarthy said the company has to rethink its capital structure at the same time that it pushes to expand its subscriber base to 100 million. “Turnarounds are hard work,” McCarthy said in a letter to shareholders. “It’s intellectually challenging, emotionally draining, physically exhausting, and all consuming. It’s a full contact sport.”
Saunders said that Peloton faces a tough battle in reworking its business, especially in the app area. He pointed to companies like Apple, which is investing extensively in its own fitness solutions. And he also said big brands like Lululemon are pivoting more toward classes and services.Peloton Interactive Inc. lost $757.1 million, or $2.27 per share, for the three months ended March 31.
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