Peloton stock dives as sales guidance runs short of analyst estimates
Fresh off an announcement that it would begin selling its bikes on Amazon.com Inc., Peloton Interactive Inc. posted a sharp loss for its most recent quarter along with nearly flat sequential growth in connected fitness subscribers.
“The loss reflects the substantial progress we made this last quarter re-architecting the business to reduce the current and future inventory overhang, converting fixed to variable costs, and addressing numerous supply chain issue,” he continued. The company ended the fiscal fourth quarter with 2.97 million connected fitness subscriptions, whereas analysts were modeling 2.98 million. The company had 2.96 million connected fitness subscribers in the fiscal third quarter.
The earnings come amid a tumultuous period for Peloton, a former pandemic darling that now must contend with evolving consumer preferences. The company has been trying to cut costs and reduce inventory amid slowing demand.
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