The pandemic sucked. Four years ago we were all stuck at home, and would continue being stuck at home for months on end. With all of us trapped in our houses, some products experienced a serious COVID-19 bump. Grocery delivery services absolutely blew up, as did Zoom and the
The same goes for Peloton and its line of exercise equipment. People were buying bikes and treadmills in droves, ballooning the company’s market cap from $6 billion to $50 billion. However, what goes up must come down, and Peloton’s market cap shrank to $10 billion by 2022 and now it rests at around $1 billion. The company’s pandemic-era success story has officially ended, and now it's focused on cutting costs. So that means layoffs. Peloton is laying off 15 percent of its workforce,.
However, it is expanding international reach, announcing a more “targeted and efficient” marketing strategy overseas. Peloton hopes all of these steps combined will reduce annual expenses by $200 million by the end of its fiscal year 2025.. Not that the stock market really means anything, just look at Tesla or that bizarre Trump stock, but Peloton’s shares have gone from $156 in 2021 to, uh, less than $3 today.
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