Seize the Chance to Work with a Dynamic Company – Peloton Hiring!

Following Q1 2022 earnings below expectationsyesterday, CNBC reports today that Peloton is freezing hiring across all departments effective immediately. Peloton announced the decision during Friday’s all-hands meeting, explaining that it is seeking “areas for savings” to reduce revenue lags.

CNBC ’s report explains that Peloton identified “areas of savings”, including hiring, limiting showroom construction, and optimizing marketing spend.

Peloton’s management team hinted at analysts on Thursday during a conference phone call that they would make cost cuts in the near term to align with their slow revenue growth and user growth.

Jill Woodworth, chief financial officer, stated that some of the areas identified for savings included making major adjustments to the company’s hiring plans, optimizing marketing spend, and limiting showroom developments …,".

As of now, more details about the situation are not available. This includes details on how long the freeze on hiring will last. However, the freeze is expected to be applied “across all department” and will “effective immediately.”

Peloton reported yesterdayfiscal Q1 2022 earnings that were below expectations. It also reduced its expectations for the whole fiscal year. According to the company, it anticipates that there will be between 3.35 million- 3.45 million connected fitness subscribers at the end of fiscal year. This is down from its original forecast of 3.63 million. The company expects fiscal year revenues to be between $4.4 billion to $4.8 billion, a decrease from its original outlook of $5.4 trillion.

PTON stock closed Friday trading down 35% after the earnings miss and revised outlook.

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