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Peloton layoffs: Headcount reduced by 11%, engineering teams impacted in cost-cutting move
Peloton layoffs: Headcount reduced by 11%, engineering teams impacted in cost-cutting move
Fitness technology company Peloton Interactive Inc. has reduced 11% headcount, with majority job cuts coming from engineering teams amid cost-cutting measures, Bloomberg reported citing a source in the know.
According to the source, Peloton's CEO Peter Stern, who took the role in 2025, told employees about the cuts on 30 January. The affected engineers worked on technology and efforts for enterprise customers, they added.
Notably, the layoffs come on the back of low sales for Peloton's new new artificial intelligence-powered bikes and treadmills last year. The company's quarterly results are due next week, as per the report.
Responding to queries, a spokesperson for Peloton told Bloomberg that the job cuts are part of a previously announced $100 million cost-cutting effort, which includes “reshaping our teams and, in some cases, the locations where we work”, to optimise savings.
“Today's actions evolve our operational footprint and create efficiencies that enable us to continue investing in areas that support our return to growth. We are deeply grateful for the contributions of our departing colleagues and are committed to supporting them through this transition,” the spokesperson added.
Peloton has been stuck in a long sales slump since pandemic lockdowns ended and people emerged from their homes to resume exercising outdoors and in gyms.
Recent efforts to improve the company's technology haven't reignited growth. Last year's upgraded equipment, unveiled in October, included redesigned versions of the Bike, Bike , Tread and Tread , along with a Row that replaced the previous rowing machine. All of the new machines included Peloton IQ, an AI platform offering personalized guidance, insights and coaching plans.
Peloton also raised prices across its portfolio, increasing equipment costs by an average of 11% and subscription fees by about 19%. Analysts expressed concern at the time that the price hikes would undermine Peloton's ambitions to win over new members, especially in a shaky economic climate.
Not long after, Peloton issued a voluntary recall on about 877,800 units of its previous high-end Bike model in the US and Canada following reports that some seat posts broke, causing riders to fall off. The incident was reminiscent of an episode in 2023, when Peloton recalled more than 2 million seats for its original Bike product.
Peloton joins a slew of other tech companies that have recently slashed their workforces.
Meta Platforms Inc. said this month that it would begin cutting more than 1,000 jobs, and Amazon.com Inc. announced plans to eliminate 16,000 corporate roles.
ASML Holding NV said it would eliminate roughly 1,700 jobs, and Autodesk Inc. disclosed plans to shed around 1,000 workers.
Pinterest Inc., meanwhile, said this week that it plans to cut “less than 15%” of its workforce.
(With inputs from Bloomberg)
Source: Msn.com
Source: OfficeNewz
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