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Peloton’s pandemic-era fairy tale is officially over

Peloton is struggling, as it is laying off 15 percent of its workforce. The CEO is also stepping down.

Grocery delivery services absolutely blew up, as did Zoom and the perfectly-timed Animal Crossing: New Horizons. Peloton hopes all of these steps combined will reduce annual expenses by $200 million by the end of its fiscal year 2025. All of this comes after the company reported some really bad Q3 2024 revenue and loss numbers, with a 21 percent decline in paid subscriptions compared to 2023.

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