Peloton had a great pandemic. It’s a weird thing to say, but the company’s premium exercise equipment (expanding from bikes to treadmills and even weight-training tech) were the hot workout-from-home products. That boom made some people (not normal, sensible people) suggest we were never going back to bricks-and-mortar gyms once the world reopened.
But… we went back. Now, Peloton’s latest financial numbers and statements are not great, and further cuts, nips and tucks are now on the cards. Its shares have gone from $156 in 2021 to less than $3 today. Peloton is laying off 15 percent of its workforce, shuttering more of its showrooms and getting rid of its CEO, again. It also killed Mr. Big.
The company says it’s planning to expand overseas (it’s gained a foothold in the UK), but it might just be a case of the company resizing to fit the reality of at-home fitness in 2024.
— Mat Smith
You can get these reports delivered daily direct to your inbox. Subscribe right here!
The biggest stories you might have missed
Engadget Podcast: Kill the Rabbit (R1)
Huawei has been secretly funding research in America after being blacklisted
Over 200 militia groups and users are using Facebook to organize nationwide, according to report
The best noise-canceling earbuds
Until the company issues a fix, the only workaround is to skip or uninstall it.
Microsoft says the April security updates for Windows may break your VPN. According to its own status update: “Windows devices might face VPN connection failures after installing the April 2024 security update.” It affects Windows 11, Windows 10 and Windows Server 2008 and later. However, user reports on Reddit are mixed, with some commenters saying their VPNs still work. So you might get lucky.
The companies signed a new deal.
TikTok and Universal Music Group (UMG) have signed a deal so Taylor Swift, Olivia Rodrigo, The Weeknd and other artists can return to the platform. Universal pulled its song back in February. Now, a key part of the deal is artist protection from generative AI. “TikTok and UMG will work together to ensure AI development across the music industry will protect human artistry and the economics that flow to those artists and songwriters,” the companies wrote. Drake, also part of UMG, has had his own recent troubles with AI tools and music.
Blocking will no longer hide your replies.
Elon Musk is not a fan of the block button. The button (and feature) persists for now, but X is changing how it works. X is tweaking the visibility of replies in a block. Previously, a user could block someone on X and still reply to their posts. The blocked person wouldn’t be able to view that reply, but other X users could. It’s a black-belt passive-aggressive X move. Now, users see direct replies even if the person posting has blocked them.