New York/IBNS-CMEDIA: Fitness technology company Peloton Interactive Inc. has decided to slash its workforce by 11% as part of an ongoing cost-cutting exercise, Bloomberg reported, citing a person familiar with the matter.
The layoffs will largely impact engineers working on technology development and enterprise-focused initiatives, the report said.
According to the source, who requested anonymity, Peloton chief executive officer Peter Stern—who took over the role last year—briefed employees about the decision on Friday.
In a statement, a company spokesperson said the job cuts are part of Peloton’s previously announced plan to save $100 million. The move is aimed at “reshaping our teams” and, in some cases, “the locations where we work.”
“Today’s actions evolve our operational footprint and create efficiencies that enable us to continue investing in areas that support our return to growth,” the spokesperson said, as quoted by Bloomberg.
“We are deeply grateful for the contributions of our departing colleagues and are committed to supporting them through this transition.”
Peloton’s decision comes amid a broader wave of job cuts across the global technology sector, as companies restructure operations in response to slowing growth and the rapid adoption of artificial intelligence (AI).
Earlier this week, Amazon announced plans to cut approximately 16,000 jobs, marking another major round of layoffs as the e-commerce giant continues a wide-ranging restructuring effort.
In a blog post, Amazon Senior Vice President of People Experience Beth Galetti said the reductions stem from ongoing organisational changes aimed at simplifying the company’s structure.
“As I shared in October, we’ve been working to strengthen our organisation by reducing layers, increasing ownership and removing bureaucracy,” Galetti wrote.
“While many teams completed their organisational changes in October, others finalised that work only now.”
She added that the latest round of layoffs would impact about 16,000 roles across Amazon and that the company is working to support affected employees.
