Peloton We have discontinued the production of bicycles and treadmills in the factory and have remained stable after a significant recovery from the successful pandemic, so we outsource all production to overseas companies to reduce costs.
Lexon Industrial Corporation, a Taiwan-based company that already manufactures parts of Peloton’s bicycles and treadmills, will be the company’s leading manufacturer.
The company had great success when people were trapped in their homes during a pandemic, but the company was overturned as Jim reopened nationwide.
In February, Peloton CEO John Foley resigned and the company fired 20% of the company’s workforce. Its share has plummeted by nearly 75 percent since January. Even the episode “Sex and the City,” in which the Chris Noth character had a heart attack after riding a Peloton bike, dropped Peloton’s stock.
Barry McCarthy, appointed CEO of Peloton in February, said he wanted to save $ 800 million a year in the company as part of a turnaround.
The company’s first earnings report since its acquisition by McCarthy in May included a write-down of over $ 200 million and a 24% decrease in earnings from last year. Membership increased by just 5% from the previous quarter. “Turnaround is a daunting task,” he wrote in a letter to shareholders in May.
