Peloton’s pandemic-era fairy tale is officially over - Best News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aitesonics.com\/pelotons-pandemic-era-fairy-tale-is-officially-over-153619110\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Peloton’s pandemic-era fairy tale is officially over - Best News\" \/>\n<meta property=\"og:description\" content=\"The pandemic sucked. Four years ago we were all stuck at home, and would continue being stuck at home for months on end. With all of us trapped in our houses, some products experienced a serious COVID-19 bump. Grocery delivery services absolutely blew up, as did Zoom and the perfectly-timed Animal Crossing: New Horizons. 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{"id":5040,"date":"2024-05-07T05:50:52","date_gmt":"2024-05-07T05:50:52","guid":{"rendered":"https:\/\/aitesonics.com\/pelotons-pandemic-era-fairy-tale-is-officially-over-153619110\/"},"modified":"2024-05-07T05:50:52","modified_gmt":"2024-05-07T05:50:52","slug":"pelotons-pandemic-era-fairy-tale-is-officially-over-153619110","status":"publish","type":"post","link":"https:\/\/aitesonics.com\/pelotons-pandemic-era-fairy-tale-is-officially-over-153619110\/","title":{"rendered":"Peloton’s pandemic-era fairy tale is officially over"},"content":{"rendered":"

The same goes for Peloton and its line of exercise equipment. People were buying bikes and treadmills in droves, ballooning the company\u2019s market cap from $6 billion to $50 billion. However, what goes up must come down, and Peloton\u2019s market cap shrank to $10 billion by 2022 and now it rests at around $1 billion. The company\u2019s pandemic-era success story has officially ended, and now it’s focused on cutting costs. So that means layoffs. Peloton is laying off 15 percent of its workforce, according to <\/ins>TechCrunch<\/ins><\/em><\/a>, which amounts to 400 people.<\/p>\n

Aside from those massive cuts, the company is continuing to shut down<\/ins><\/a> brick-and-mortar showrooms<\/ins><\/a>. Barry McCarthy, the CEO, president and board director, is also stepping down after two years in the job. He was previously CFO at both Spotify and Netflix. Peloton says it’s currently in the process of finding a successor, with current chairperson, Karen Boone, and director, Chris Bruzzo, to serve as interim CEOs.<\/p>\n

However, it is expanding international reach, announcing a more \u201ctargeted and efficient\u201d marketing strategy overseas. Peloton hopes all of these steps combined will reduce annual expenses by $200 million by the end of its fiscal year 2025.<\/p>\n

All of this comes after the company reported some really bad Q3 2024 revenue and loss numbers, with a 21 percent decline in paid subscriptions<\/a> compared to 2023. Unfortunately, Q2 wasn\u2019t much better<\/a>. Not that the stock market really means anything, just look at Tesla or that bizarre Trump stock, but Peloton\u2019s shares have gone from $156 in 2021 to, uh, less than $3 today.<\/p>\n

These aren\u2019t just \u201cpeople going outside again\u201d<\/a> numbers, as the company has experienced its share of controversies that have nothing to do with the pandemic. The Tread+ treadmill was recalled after being linked to<\/ins><\/a> 90 injuries and the death of a child. Peloton also recalled over 2 million bikes<\/ins><\/a> over a safety issue. It’s been a bad few years.<\/p>\n

All of this doesn\u2019t mean that Peloton can\u2019t turn things around, as it’s a fairly iconic brand in the space. It sure has some work to do, however, to reverse this decline.<\/p>\n

This article contains affiliate links; if you click such a link and make a purchase, we may earn a commission.<\/p>\n","protected":false},"excerpt":{"rendered":"