Peloton exercise bikes. Picture: ADAM GLANZMAN/BLOOMBERG
“Turnarounds are hard work,” CEO Barry McCarthy said in a letter to shareholders. “It’s intellectually challenging, emotionally draining, physically exhausting and all consuming.” Looking forward, Peloton expects to report $675m to $700m in revenue in the fourth quarter, well below analysts’ average estimate of $820.9m. Peloton put the forecast miss down to “softer demand” compared with its previous guidance.
The slide continued Tuesday, with the stock dropping to $11.25 in New York trading — the lowest level since Peloton’s initial public offering in September 2019.
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