Piluton cuts jobs and converts the focus into a “entire wellness journey”

Piloton, the New York -based company for fitness technology, announced today that it reduces nearly six percent of the workforce in an attempt to save costs and transfer the company. In addition, the new CEO of the company, Peter Stern, told the investors that the company will expand beyond the roots of the heart and in the public health and wellness space.

Sterin wrote in a letter For the shares published along with the latest quarterly profit report for the company.

As of last summer, Peloton had about 2,300 employees, so these recent discounts could affect about 140 workers. The company previously 15 % layoffs of their workforce In May 2024, when I got rid of the former CEO.

Although a profit swing in the last quarter, Peloton stated that its sales decreased by 6 % and are expected to decrease further this year.

Peloton was launched in 2012 as an excellent brand for fitness, as it offers poor exercise bicycles, mill devices and rowing machines with built -in screens flowing direct exercise and demand. The company has already made its step during the Covid-19s, when the gyms were closed and people were scrambling on ways to stay active at home.

Unfortunately, this wave did not last. With the return of life to normal after the epidemic, as well as the diets of experimenting with people outside the home. The shares of the company decreased by 95 % of their peak in early 2021, which is about $ 170 per share to about 7 dollars today.

Stern joined the company earlier this year after leading the leading service teams in Ford and Apple. Today, the investors told that he believes that the company is moving beyond just a heart exercise.

“In our next chapter, we will build on our leadership in heart disease to support the entire health journey of our members, and to accelerate our progress in strength, mobility and explore the new boundaries in mental well -being, sleep, recovery, nutrition and moisture,” Stern wrote in the letter.

Sterin told investors on a call on Wednesday that this may include more personal training programs, new meditation, features, and content that is likely to focus on nutrition.

He also added that artificial intelligence can play a role in the return of the company.

Stern said that the company can take advantage of artificial intelligence by linking its platform to user’s personal health tracking devices to provide more allocated ideas, work plans and recommendations.

Last week, Piloton also expanded one of the other – new – new initiatives Market For users to resell their exercise equipment.

At Bloomberg Tech in June, Stern said that the new Marketplace is a major part of Peloton’s strategy to transform. He said that the used market was one of the most effective ways for the company to bring new members.