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Peloton, a manufacturer of cycles and treadmills, reported losses of more than... 

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$1.2 billion in the most recent quarter as sales fell. The company warned that it will

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continue to spend more money than it makes for a number of more months.

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Barry McCarthy, the business's new chief executive who assumed over in February,

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said the company is taking measures to strengthen finances,

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including massive layoffs and outsourcing the production of its workout equipment.

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In contrast to the $189 million loss the year before, Peloton lost $2.8 billion

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in the final day of the fiscal year, June 30.