In case it wasn’t clear before, it is now: Peloton is now very much Barry McCarthy’s show.
The former chief financial officer of Netflix and Spotify took the top spot at the troubled connected fitness pioneer seven months ago, kicking off a massive turnaround effort aimed at salvaging Peloton’s business following a sharp reversal of fortune. The onset of the pandemic sent the company’s growth into triple-digit territory, but strategic missteps and a rapid cooling of demand as fitness buffs rediscover gyms have combined to give Peloton a serious case of road rash. Revenue has fallen by double-digit percentages over the last two quarters on a year-over-year basis, and Peloton has projected losing nearly half a million connected fitness subscribers for its fiscal first quarter ending this month.
