Exercise equipment maker Peloton Interactive said Friday it would cut more jobs and raise prices of its popular treadmill and high-end bike products as the company works to arrest a fall in revenue and improve cash flow.
Shares of the company surged 8.7% in afternoon trade after the company said in a memo that it would cut about 800 jobs and reduce its retail presence in North America.
Under Chief Executive Officer Barry McCarthy, Peloton has implemented a slew of measures to cut costs after demand for its exercising equipment plummeted as people went back to working out at gyms.
The New York-based firm had said in July it would halt all in-house production of its bikes, move manufacturing to partners and cut around 570 jobs.
