Peloton Interactive Inc. delivered a weaker forecast for the current quarter than Wall Street was predicting, even as management declared that it was beating its own timeline for turning around the fitness company. The shares dropped about 19 per cent in early trading.
Peloton fell about 19 per cent in premarket trading before exchanges opened in New York after closing at US$8.63 on Wednesday. The shares have lost about 90 per cent of their value over the past 12 months. “Considering our progress over the last seven months, the substantial changes we've made to our business model, and the infusion of additional talent on the leadership team, I believe our 1Q23 results make a strong case that we will beat the one-year timeline and deliver on our turnaround goal,” McCarthy said.
Not a great business model when most people buy, use for a month, store in garage and never use again 🤷♂️
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