Peloton is slashing 500 more jobs as its CEO says it has 6 months to turn itself around

Peloton is slashing hundreds more jobs in a desperate measure to cut costs, The Wall Street Journal reported Thursday.

The connected-fitness giant said it plans to cut around 500 jobs, or roughly 12% of its remaining workforce, per the report. CEO Barry McCarthy told The Journal that the cuts are company-wide but that the marketing team would be most affected.

This is the company’s fourth round of layoffs this year. Peloton did not immediately respond to Insider’s request for confirmation of the layoffs.

McCarthy – who has only served as CEO since February – told The Journal that he was giving the company around six months to turn itself around.

R&I – FS