Peloton Suffers Worst Rout in Seven Months After Dire Forecast
- The company posts $1.2 billion net loss as its sales plunge
- Company aims to triple the size of its new bike lease program
This article is for subscribers only.
Peloton Interactive Inc. suffered its worst stock rout in seven months after the fitness company gave a bleak forecast for the current quarter, with losses piling up and sales falling more steeply than Wall Street expected.
Revenue will be $625 million to $650 million in the fiscal first quarter, the company said Thursday, far short of the $772 million analysts were predicting. Its loss on an adjusted basis will be $90 million to $115 million, compared with an average estimate of about $93 million.