https://www.reuters.com/technology/peloton-posts-wider-quarterly-net-loss-2022-08-25/
Aug 25 (Reuters) – Peloton Interactive Inc (PTON.O) on Thursday forecast first-quarter revenue below Wall Street estimates, signaling that its recently launched turnaround effort will take more time to help revive sagging sales of its fitness equipment.
The company's shares tumbled more than 15% to $11.42 in premarket trading, set to add to the more than 60% drop so far this year.
Peloton's exercise bikes, which are priced at above $1,400, treadmills and connected classes were all the rage among fitness enthusiasts during COVID-19 lockdowns. But demand nosedived as gyms reopened following vaccinations.
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