Peloton said on Thursday that its chief executive, Barry McCarthy, was stepping down and it would lay off more workers, as it continued to struggle in the fitness market.
The connected-fitness company announced disappointing quarterly earnings on Thursday, with revenue down 4 percent from last year.
The company, which has not turned a profit since December 2020, is also looking to refinance more than $1 billion in debt.
Peloton had a spectacular rise at the start of the pandemic, when gyms and fitness centers closed and consumers were hungry for at-home workout options.
But after gyms reopened, Peloton began to face stiffer competition from companies like Bowflex and Lululemon.
Persons:
Barry McCarthy, Kevin Dietsch
Organizations:
Spotify, Netflix