Peloton posts wider quarterly net loss
2022.08.25 14:21
FILE PHOTO: A stationary bicycle inside of a Peloton store is pictured in the Manhattan borough of New York City, U.S., January 25, 2022. REUTERS/Carlo Allegri/File Photo
(Reuters) -Peloton Interactive Inc reported a bigger net loss for the fourth quarter on Thursday, signaling an uphill battle to turn around the company grappling with low demand for its fitness equipment following a return to pre-pandemic lifestyles.
The company’s shares tumbled more than 14% to $11.59 in premarket trading.
Once a pandemic darling, Peloton (NASDAQ:PTON) has struggled with sinking demand for its products and services as people opt to head back to gyms instead of burning calories in their homes.
Net loss attributable to Class A and Class B common stockholders was $1.24 billion, or $3.68 per share, in the quarter ended June 30, compared with a loss of $313.2 million, or $1.05 per share, a year earlier.
Sales fell to $678.7 million from $936.9 million a year earlier.
