Peloton CEO Barry McCarthy to step down, company to lay off 15% of staff as it looks to refinance debt
Publishing timestamp: 2024-05-02 10:49:43
Summary
Peloton CEO Barry McCarthy steps down, company lays off 15% of staff to align spending with revenue. Third-quarter results fall short of expectations. Shares initially surge but then drop. Company announces restructuring plan to reduce expenses by $200 million by 2025. McCarthy's efforts to restructure business and drive growth have not been successful. Peloton continues to struggle with declining sales and profitability.
Sentiment: NEGATIVE
Tickers: RH, NFLX, PTON, SPOT, JPM, GS, LULU, EA,
Keywords: business, breaking news: earnings, peloton interactive inc, barry mccarthy, rh, electronic arts, netflix inc, goldman sachs group inc, jpmorgan drn, business news, breaking news: business, spotify technology sa, retail industry, earnings, lululemon athletica inc,