PTON’s new CEO, Barry McCarthy, acknowledged the daunting task ahead as the ailing connected fitness giant tries to reduce spending and find ways to drive revenue growth in a slowing market. The $800 million restructuring plan McCarthy announced in Feb. is already well underway, targeting $300 million in lower cost of goods and $500 million in OpEx savings, and is expected to save $30 - $35 million above the line and $165 million below in the current fiscal year ending in June.

As for sales, PTON estimates that price cuts for hardware and a price increase for subscriptions announced earlier in ... Log in to view full article.