Lauren Thomas at CNBC is reporting that Peloton is implementing an immediate hiring freeze across all departments.
This was announced at an all-hands staff meeting today. This news follows yesterdays earnings call, which resulted in lower guidance for the year and a more than 30% stock drop.
During the earnings call yesterday, the team had discussed they realized the lowered guidance meant making some adjustments. One of these specifically mentioned hiring (you can read the full transcript here).
In response to our revised sales and margin outlook for fiscal 2022, we have identified material savings across our operating expenses. So, some of these actions may take a quarter or two to show improvement. Some of these identified areas of savings include making significant adjustments to our hiring plans across the company, optimizing marketing spend and limiting showroom development, identifying areas of efficiency, improvement in member support and streamlining our product development teams, while maintaining a focus on new products and expanding software features.
As recently as two weeks ago, Peloton’s VP of talent aquisition had shared that Peloton planned to hire between 3,000 and 5,000 employees over the next 1.5 years.
Before that however, Peloton had already begun to scale back plans internationally. It was shared in September that their plans for a new member support center in Ireland were being downsized.
It is not yet known how long this hiring freeze will be in effect for, and how many essential job positions still might be filled.
This was first reported by CNBC.
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