Peloton had another dismal quarter
CNN
Peloton's rough road to recovery continues. The fitness company's quarterly revenue came in below Wall Street estimates, signaling that its recently launched turnaround effort will take more time to revive sagging sales.
Losses amounted to $1.2 billion for the three-month period ending June 30. Revenue also fell nearly 30%, to $678 million, compared to $936 million the year prior. The company's shares tumbled nearly 20% in early trading Thursday, adding to the roughly 70% drop so far this year.
As consumers return to gyms, Peloton (PTON) has been struggling to maintain its electric growth from the early days of the pandemic. Bike and subscription sales have stagnated. The company has too much inventory, and demand is on the decline.
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