dealerscope

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...