Peloton stock rose over 6% premarket after CEO disputed reports of massive layoffs, production halt

Tiger Newspress2022-01-21

Peloton stock rose over 6% premarket after CEO disputed reports of massive layoffs, production halt.

Peloton, the maker of stationary bikes and livestreamed workouts that enjoyed a surge in demand as gyms shut down during the pandemic, is considering laying off some workers and making changes to its production as the once-hot interest in its products slows.

“We now need to evaluate our organization structure and size of our team, with the utmost care and compassion,” John Foley, Peloton’s co-founder and chief executive, wrote in apost on the company’s websitelate Thursday. “And we are still in the process of considering all options as part of our efforts to make our business more flexible.”

Mr. Foley denied a report that the company would temporarily halt production of its bike. That news, reported by CNBC, whichcited internal documents, had triggered a 24 percent drop in the company’s share price on Thursday. CNBC reported that Peloton planned to pause the production of its connected fitness products from February to March.

“The information the media has obtained is incomplete, out of context, and not reflective of Peloton’s strategy,” Mr. Foley wrote, without offering more details.

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Comments

  • LeeWan
    2022-01-21
    LeeWan
    Ok
  • Johnnydoe
    2022-01-21
    Johnnydoe
    nice
  • Johnnydoe
    2022-01-21
    Johnnydoe
    nice
  • hj489
    2022-01-21
    hj489
    After rush to buy, will not buy again in near future demand will drop.
  • NeedMoneyPls
    2022-01-21
    NeedMoneyPls
    But fact doesn't change that consumer demand for their products has dropped alot
  • Luaru
    2022-01-21
    Luaru
    Pog
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