The morning after: Peloton’s grim post-pandemic reality

Peloton had a great pandemonium. It’s strange to say, but the company’s premium exercise equipment (extending from bicycles to treadmills and even weight training equipment) has been the hot products for working out at home. This boom has led some people (not normal, sane people) to speculate that we’ll never go back to physical gyms once the world reopens.

But… we’re back. Peloton’s latest financial numbers and statements aren’t great, and new cuts, strokes and bills are already in place. Its stock has gone from $156 in 2021 to less than $3 today. Peloton is cutting 15 percent of its workforce, closing more of its showrooms and once again getting rid of its CEO. It also killed Mr. Big.

The company says it plans to expand overseas (it’s got a foothold in the UK), but it may just be a case of the company resizing to fit the reality of fitness at home in 2024.

— Matt Smith

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