Peloton Lays off 800 Employees

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. 

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