Peloton Makes Critical Changes Amid Steep Losses

Peloton, the fitness tech company that burst to the forefront of consumer attention during the pandemic, is having a rough start to 2022. The company reported a whopping total of $439.4 million in net losses over the course of the latest fiscal reporting period. As a result, the company is cutting roughly 20 percent of its global corporate workforce, 2,800 jobs, and has decided to onboard Barry McCarthy, the former CFO of Spotify, to replace co-founder John Foley as Peloton’s CEO. According to Retail Dive, there has also been speculation concerning a possible acquisition from Amazon, Nike, Apple, or Lululemon. According to Global Data Managing Director Neil Saunders, the reasons behind Peloton’s fall from grace are simple. “Peloton incorrectly assumed that the demand created by the pandemic — as people switched away from gyms to home fitness — would continue to curve upward.” Instead, Peloton was impeded by a number of factors including product recalls, negative publicity, and an overall return of the country to in-person activities. 

As we reported yesterday, labor shortages are continuing to plague the national economy despite a 5.7 percent increase in wages in 2021. A whopping 47 million people, roughly 30 percent of the American workforce, quit their jobs last year and as a result, there has been rampant competition among major corporations for top talent. This week, in a bid to incentivize top tech and corporate talent to stay with the company, Amazon raised the max base pay for some of its employees to $350,000. For a while, Amazon has been known to cap its base pay at $160,000, which was traditionally far lower than competitors, according to The New York Times and Insider.  

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