Peloton is planning to lay off 784 jobs as it looks to cut costs, the company’s CEO Barry McCarthy said in a memo accessed by Bloomberg. This is the third cut that the  exercise equipment and media company has made this year. 

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The company’s spokesperson Ben Boyd told The Verge that the cuts would help Peloton to become “more efficient, cost-effective, and agile as we continue to define and lead the global Connected Fitness category.”

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The company has been working towards reducing its “North America retail footprint”, as part of its restructuring plans after its stock prices plunged significantly in the last few months. During its second quarter earnings call it said that it had cut jobs, scaled back marketing and was going to stop its manufacturing ambitions in North America. But that’s not all, Peloton introduced Barry McCarthy after the company’s board removed founder John Foley from the CEO’s seat. 

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Despite Foley’s mismanagement over the past few months and investor faith in freefall, McCarthy’s appointment has done little to inspire confidence. However, that stems more McCarthy’s time as a CFO as opposed to a CEO. 

So far, this year, the company has cut roughly 3,400 jobs, the current lay offs not included. In February this year, the company cut 2,400 jobs and then in July it cut an additional 600 jobs in its Taiwan offices as an effort to reduce in-house manufacturing. And now, it has cut 784 jobs. 

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However, while the company is cutting jobs on its delivery and customer support teams, McCarthy revealed over the second quarter earnings call that the company would be hiring more software engineers to its teams. 

But that’s not all. In April the company had reduced the price of the Bike, Bike Plus and Tread to $1,445, $1,995 and $2,695 respectively. However, the prices for the Bike Plus and the Tread are being hiked. While the Bike Plus’ price will go back to its original, i.e., from $1,995 to $2,495, the Tread’s price will increase by $800 to $,3495.