Peloton's struggles continue: CEO steps down, 400 jobs cut

Peloton aims to reduce annual expenses by $200 million; workforce and retail strategy most impacted

(Image credit: Peloton)

Indoor fitness company Peloton announced its latest and disconcerting financial results on Thursday, along with the news that CEO Barry McCarthy is stepping down and the brand's intent to lay off 15% of its workforce and reduce its retail showrooms.

The company's revenue has been falling for nine quarters in a row, with sales dropping 4% from the previous year. In recent history, Peloton's financial performance has been mixed, with periods of strong revenue growth at the start of the COVID-19 pandemic but also significant losses. The company has been investing heavily in research and development and international expansion but has yet to make a net profit since December 2020.

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Anne-Marije Rook
North American Editor

Cycling Weekly's North American Editor, Anne-Marije Rook is old school. She holds a degree in journalism and started out as a newspaper reporter — in print! She can even be seen bringing a pen and notepad to the press conference.

Originally from The Netherlands, she grew up a bike commuter and didn't find bike racing until her early twenties when living in Seattle, Washington. Strengthened by the many miles spent darting around Seattle's hilly streets on a steel single speed, Rook's progression in the sport was a quick one. As she competed at the elite level, her journalism career followed, and soon she became a full-time cycling journalist. She's now been a cycling journalist for 11 years.