Peloton Gains After CEO Vows to Cut Costs at Ailing Company
- CEO disputes reports of production halt, but confirms layoffs
- CNBC report of idled factories battered the stock on Thursday
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Peloton Interactive Inc. shares rebounded Friday after Chief Executive Officer John Foley vowed to slash expenses at the struggling fitness company, though he disputed reports that it had idled its factories to save money.
In a memo to staff, Foley said Peloton was “right-sizing our production, and, as we evolve to more seasonal demand curves, we are resetting our production levels for sustainable growth.”