Peloton Interactive (NASDAQ: PTON) is on its last legs. The connected fitness equipment maker is launching its third round of layoffs, letting nearly 800 people go. In addition, it's closing its in-house delivery program, shuttering many of its retail locations, outsourcing customer service, and reversing the price cuts it made just four months ago.

The company might not be running out of cash just yet, but it still needs to cut expenses to the bone. Or, as CEO Barry McCarthy told employees in a memo:

Cash is oxygen. Oxygen is life. We simply must become self-sustaining on a cash flow basis.

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Source Fool.com