Peloton CEO promises the company is ‘done’ with layoffs
Peloton CEO Barry McCarthy is an optimist. During the company’s Q1 2023 earnings call, McCarthy said that the company was done with layoffs and that the “ship was turning,” referencing a colorful metaphor he issued during Q4 2022 earnings. Wall Street investors may disagree. Peloton’s stock price fell by about 19 percent this morning after the company announced a weaker-than-expected holiday forecast.
On the product side, McCarthy noted that while customer satisfaction with the recently launched Guide was high, most people don’t know it exists. Meanwhile, the CEO heaped heavy praise on the Peloton Row, claiming that the device “reinvented the category.” He then noted that Row inventory would be constrained this year, even as demand was...