Indoor training platform Peloton has announced a 15 per cent cut in its workforce, totalling around 400 positions, and its CEO Barry McCarthy has resigned in the latest bad news for the company.
Its share price has dropped from a high of over $160 in December 2020 to an average of $3 in recent months, while its stock market value has dropped from over $50bn to $1.1bn. In the wake of the news on Thursday morning, it fell from $3.60 to $2.80 over a few hours but has since rebounded to $3.13 today. The company has not made a profit since the height of the pandemic in December 2020.
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