Peloton reported a worse-than-expected quarterly loss amid weak sales as it wrestles with waning demand for its equipment and concerns of subscription cancellations due to price hikes
is "thinly capitalized", the fitness-equipment maker's chief executive warned on Tuesday, as unsold inventory coupled with mounting costs pushed the once pandemic darling into a big quarterly loss.
Shares tumbled as much as 18% to a record low of $11.7 in early trading. Peloton's market value has crashed to $4.69 billion from a peak of nearly $50 billion during the pandemic when its bikes and on-demand fitness content were lapped up.Earlier this year, Peloton replaced its chief executive officer under pressure from an activist investor and unveiled measures including price cuts for its equipment while focusing on its subscription plans to turn around the company.
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