Peloton's stock shot up more than 13% Friday, after the company said it would lay off more people and begin "aggressive" cost cutting measures that will include store closures.
Why it matters: Peloton shot to prominence during the pandemic lockdowns, quickly becoming a poster child of the stay-at-home rally among technology stocks.
- With that effect long gone, the company is now in the midst of a turnaround strategy: In the past year it's already replaced its CEO and laid off at least 2,800 people.
