Shulou(Shulou.com)11/24 Report--

CTOnews.com, Oct. 9, according to the Wall Street Journal, Peloton, an Internet fitness platform, said it plans to cut about 500 jobs, or about 12% of its existing workforce. The company is trying to reverse its growing losses, its fourth round of layoffs this year.

Barry McCarthy, chief executive of Peloton, said he would give the unprofitable company about six months to turn things around, and if it fails, Peloton may not be able to survive as an independent company.

On Thursday, local time, Peloton announced the layoffs to employees. After the layoffs, Peloton's global workforce is about 3800, less than half of the company's peak last year.

CTOnews.com has learned that it has also cut 600 more jobs than originally announced through retail store closures, attrition and other measures since June, according to Peloton.

In addition, McCarthy pointed out that executives will focus on increasing revenue and said the layoffs will be company-wide, but the strongest will be in the marketing department.

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