Peloton is cutting about 400 jobs worldwide as part of a restructuring effort and its CEO Barry McCarthy is stepping down after two years as the company continues to work on turning around its business.

Peloton sank to its lowest price on record after it reported another loss and gave investors a lukewarm forecast as the connected exercise company continues to struggle following its pandemic hot streak.

Peloton managed to beat sales expectations during its fiscal fourth quarter, but the exercise equipment maker reported a bigger loss than anticipated partly due to recall costs and a shift in consumer spending.

Peloton shares are on a wild ride this week, running up 20% Wednesday on a new partnership with Amazon only to erase those gains at the opening bell after quarterly losses for the connected exercise equipment maker exceeded $1.2 billion.

Peloton is laying off almost 800 employees and raising prices for some of its equipment as part of its latest bid to make the business profitable and free up cash.

Peloton’s uphill ride to get more sales just got rougher as more people return to gyms and other pre-pandemic exercise routines and embrace cheaper options.

The co-founder of Peloton is stepping down as chief executive after an extended streak of tumult at the company.