Peloton shares fell 17% in premarket trading after it reported a steeper-than-expected drop in quarterly sales but its CEO said a turnaround is ahead of schedule
Peloton has been on a wild ride, announcing its CEO was stepping down and thousands of jobs would be cut, despite seeing a surge in sales early in the pandemic. Here’s why Peloton became a viral success, and why it is spinning out now. Photo illustration: Jacob ReynoldsPeloton Interactive Inc.
reported a steeper-than-expected 23% drop in quarterly sales, but the company also narrowed its lossesRevenue declined to $617 million in the quarter ended Sept. 30, coming in below the company’s forecast of $625 million to $650 million. Executives estimated sales for the current quarter, which includes the crucial holiday selling season, could be roughly 37% lower than a year ago.
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