Exercise equipment maker Peloton Interactive said Friday it would raise prices of its Bike+ and Tread products in five markets, including the United States and Canada.
Separately, the struggling exercise equipment maker also plans to cut nearly 800 jobs, Bloomberg News reported. The company said last month it was scrapping its manufacturing operations as part of a massive cost-cutting effort.
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.
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.
[Written in collaboration with other media outlets with information from the following sources]
