Peloton cuts 500 jobs in fourth round of layoffs this year

Peloton has laid off another 500 workers, the latest in a string of job cuts as the connected fitness company executes a major financial turnaround plan. According to the WSJ, CEO Barry McCarthy, who took on the chief executive role in February, said he was giving Peloton another six months to improve financially, or it may not succeed as a stand-alone company. However, in a statement released yesterday, McCarthy said he believed in the resilience of the business. The changes we have made, combined with the performance of the business, are moving us closer to our fiscal year-end goal of break-even cash flow, with a renewed focus on growth," McCarthy said in a statement.