Indoor fitness company Peloton announced its latest and disconcerting financial results on Thursday, along with the news that CEO Barry McCarthy is stepping down and the brand’s intent to lay off 15% of its workforce and reduce its retail showrooms.

The company’s revenue has been falling for nine quarters in a row, with sales dropping 4% from the previous year. In recent history, Peloton’s financial performance has been mixed, with periods of strong revenue growth at the start of the COVID-19 pandemic but also significant losses. The company has been investing heavily in research and development and international expansion but has yet to make a net profit since December 2020.

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