Peloton To Slash Another 500 Jobs: Reports

(RTTNews) - Fitness equipment maker Peloton Interactive, Inc. (PTON) is reportedly planning to cut about 500 jobs or 12 percent of its remaining workforce. This will be the company's fourth round of layoffs this year as it struggles to return to profit.

Following the job cut that was reportedly announced to employees earlier in the day, the company will have a total of about 3,800 global employees.

In August, the company said it would cut nearly 800 more jobs and raise prices of its Bike+ and Tread machines. The company also revealed plans to outsource functions such as equipment deliveries and customer service.

In July, the New York-based company said it would halt all in-house production of its bikes, move manufacturing to partners and cut around 570 jobs.

Early this year, Peloton announced plans to cut about 2800 jobs globally.