Peloton is laying off employees
In its most recent effort to turn a profit and free up cash, Peloton is firing staff members and boosting pricing on certain of its equipment.
Peloton cuts 800 jobs
Peloton will discontinue its North American distribution network and outsource its delivery operations.
Peloton said last month that it would stop manufacturing its own interactive stationary bikes and treadmills.
it announced that it was stopping production for the remainder of the year at the Tonic Fitness Technology plant in Taiwan.
Peloton said in February that it was finishing up construction on its Ohio factory's Peloton Output Park.
Investors were encouraged by the news on Friday, sending shares of Peloton Interactive Inc. up $1.62, or almost 14%, to $13.53.
The peloton stock has dropped 88% in the last 12 months, nevertheless.