31 nearly doubled to $187 million, or 36 cents per Class A share, from $98 million, or 18 cents a share, in the year-ago period. The stock was still inactive in premarket trading. reported Tuesday fiscal first-quarter profit and revenue that beat Wall Street expectations, fueled by strength in digital and an improvement in gross margin. Warner Music beats profit and revenue expectations, boosted by digital strength and margin improvement The stock had plunged 42.0% over the past three months through Monday while the S&P 500 undefined has slipped 4.6%. The company's announcements come after the stock soared 20.9% on Monday after reports that it was in talks to be acquired, following a big selloff in its stock price. The company expects to record $130 million in cash charges related to severance and other restructuring activities.

The 2,800 jobs it is cutting represents 32.3% of its workforce as of June 30, 2021. The cost-cutting plan is expected to save at least $800 million a year through operating expense efficiencies in its Connected Fitness category. Peloton President William Lynch 'transitions' to a nonexecutive director.

Foley will become executive chairman of the board. The company named Barry McCarthy, who was formerly chief financial officer of Spotify Technology SA undefined, as CEO, effective Feb. The Wall Street Journal had previously reported the CEO change and cost-cutting plan. undefined slumped 8.0% in premarket trading Tuesday, after the at-home fitness company confirmed that co-Founder John Foley will step down as chief executive and that it will implement a cost-cutting plan that will lead to 2,800 job cuts. Peloton shares decline after confirmation that CEO is out and 2,800 jobs are being cut

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