Peloton headwinds stiffen as people break pandemic routines
(AP) - Peloton’s uphill struggle to generate sales as more people break from health routines forced during the pandemic continued in the third quarter and the company’s revenue outlook sent shares tumbling 17% at the opening bell.
The maker of high-end exercise bikes and treadmills thrived during COVID-19 outbreaks and sales growth for the New York City company doubled in 2020 and surged 120% in its last fiscal year.
The availability of vaccines and easing of COVID-19 restrictions, however, have opened up more workout options and Peloton has suffered.
Peloton lost $757.1 million in the most recent quarter, which was worse than Wall Street had expected.
