Peloton recall to cost company $165 million in lost sales
CNN
Peloton is estimating its treadmill recall will cost the company about $165 million in lost revenue during the the current quarter, and result in a $16 million hit to its profits.
After weeks of fighting a call by federal safety regulators to recall its Tread and Tread+ treadmills tied to one infant death and reports of 70 injuries, the company admitted Wednesday it had made a mistake and would recall the product. On Thursday evening, it told investors how much it would cost its top and bottom line. CEO John Foley again apologized for not moving sooner to agree to the recall, and admitted that the company's reputation had been damaged by the recall dispute.
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