The fitness company—best known for its $1,495 exercise bikes and remote classes—said then that it expects revenue of $4.4 billion to $4.8 billion in fiscal 2022, which ends in June. Less than three months before that, it had been predicting revenue of $5.4 billion.
The shares fell as low as $23.25 Thursday after the CNBC report. Even before the latest plunge, they were down 79% in the past 12 months.
CNBC reported that Peloton had already stopped production of its more upscale Bike+ in December, a break that will last until June. A more expensive treadmill, meanwhile, has been off the market since a recall last year.
In a presentation from Jan. 10, Peloton said its fitness equipment faced a “significant reduction” in demand globally due to shoppers being more price-sensitive and competition ramping up, according to CNBC.
The company is developing new products to spur growth, including a strength training device called the Guide. But interest in the product has been lower than expected, CNBC said, citing the internal documents.
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