The Clap
Peloton Interactive (NASDAQ: PTON) is set to cut jobs, close stores, and raise prices to increase revenue and income.
The Deets
The company has set a plan to reduce its retail presence in the US.
Peloton is trying to cut costs by eliminating almost 800 jobs, and is slowing down the growth of the business.
You Should Know
The company grew a lot due to pandemic-driven demand for treadmills and exercise bikes. However, as demand for the equipment declined, the company opted to take these cost-cutting measures in order to slow down the company’s growth.
Why this Matters
Peloton’s stock went up by 13.6% following the news.
Peloton revamping its operations 🚲
