Peloton’s headwinds stiffen as more people break from health routines forced during COVID-19 pandemic

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 more than 20 per cent before the opening bell.

On Tuesday the company announced a binding commitment letter with JP Morgan and Goldman Sachs to borrow $750-million, but new CEO Barry McCarthy said in a letter to shareholders Peloton ended the quarter with $879-million in cash, “which leaves us thinly capitalized for a business of our scale.” “Turnarounds are hard work,” McCarthy said in a letter to shareholders. “It’s intellectually challenging, emotionally draining, physically exhausting, and all consuming. It’s a full contact sport.”

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