Peloton Cuts 11% of Workforce in Cost-Cutting Move

Peloton, a company that makes exercise bikes and treadmills, is letting go of 11% of its workers.

This includes many engineers who work on the technology and services for big customers.

The company's new CEO, Peter Stern, told the employees about this on Friday.

Peloton is trying to save money, which is part of a plan to save $100 million.

They are also changing how they work and where they work from.

The company has been struggling with sales since people stopped exercising at home as much after the pandemic.

They recently launched new equipment with AI features and raised prices, but this hasn't helped much.

Peloton is not alone; many other tech companies are also cutting jobs.