Peloton’s share price crashed 20% in early trading after the exercise bike maker missed revenue targets, cut sales guidance and reported a bigger quarterly loss than anticipated, and its boss described turning the company around as “emotionally draining”.
Peloton, whose market value has fallen by more than 80% over the last year, reported revenues of $964m (£780m), down from $1.26bn in the same quarter last year, as the pandemic-enforced trend for home workouts that fuelled a surge in sales of its hi-tech, internet-connected exercise bikes peters out.
