Peloton lays off 11% of its global workforce
Business
Peloton, the fitness tech brand that boomed during lockdowns, just cut 11% of its global staff as part of an existing effort to save $100 million.
Most of those let go worked in engineering and tech roles, and they'll receive severance packages.
More on Peloton's layoffs
Sales and memberships slipped.
Peloton's stock fell after a rough 30% slide last year.
The layoffs are part of an existing effort to save $100 million.
Peloton has had multiple chief marketing officers in recent years
Peloton has had multiple chief marketing officers in recent years—a sign the company's been riding some bumpy roads as it tries to find its post-pandemic groove.