Salem Radio Network News Thursday, December 8, 2022

Business

Peloton to raise high-end bike, treadmill prices

(Reuters) -Exercise equipment maker Peloton Interactive Inc said on Friday it would raise prices of its Bike+ and Tread products in five markets, including the United States and Canada.

Separately, the exercise equipment maker also plans to cut nearly 800 jobs, Bloomberg News reported. (https://bloom.bg/3Qye0Pq)

Peloton, which had lowered the prices for its products earlier this year, said it would hike Bike+ by $500 to $2,495, and its Tread by $800 to $3,495 in the United States. (https://bit.ly/3peZhNv)

In Canada, the price of the Bike+ would increase by C$800 ($625.98) to C$3,295, while the price of Tread would increase by C$1,100 to C$4,495, Peloton added.

Shares of the company rose as much as 7.5% before paring some gains in afternoon trade.

($1 = 1.2782 Canadian dollars)

(Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra Eluri)

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