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After a year of financial struggles, and deeper recessionary fears looming, Peloton is seeking to get its bottom line in shape with a familiar tactic for tough times: It’s issuing massive budget cuts—starting with the marketing department.
According to CEO Barry McCarthy, Peloton is laying off 500 staffers after suffering six consecutive quarterly losses, according to CNBC and The Wall Street Journal. The job cuts are being felt companywide, which now stands at 3,800 employees.
The bulk, however, will come from the marketing department.