Peloton surges 24% after announced job cuts
Shares of Peloton Interactive Inc. surged 24% on Tuesday after the company announced it will lay off some 2,800 workers.
The exercise equipment manufacturer also unveiled there will be changes in the top management, as CEO John Foley will be replaced by former Spotify Technology SA and Netflix Inc. Chief Financial Officer Barry McCarthy.
The company’s shares surged 24.06% at 10:46 am ET, selling for $37.08.
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