Peloton Interactive (NASDAQ: PTON) was a quintessential pandemic stock, performing exceptionally well at the height of COVID-19 and the social restrictions that came with it. The company makes at-home exercise equipment that grew popular among fitness enthusiasts during lockdowns and gym closures.

But those factors have mostly dissipated, and now Peloton is fighting to stay afloat as it faces shrinking sales and falling user engagement. As a result, CEO Barry McCarthy has been slashing costs and last week completed yet another round of layoffs, letting go of 500 employees.

Peloton's workforce is now less than half the size that it was at its peak of 8,600, and the company says the restructuring is finally done. But whether this is the end will depend largely on how popular the company's products are. Peloton stock is down 94% from its all-time high, but should investors be rushing out to buy it?

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Source Fool.com