Peloton’s shares fell on Tuesday after the company reported a wider-than-expected loss and falling sales due to a recall of its Peloton Bike earlier this year and seasonality. The company reported a wider-than-expected adjusted net loss of $100.2 million, compared with a consensus estimate of a $97.4 million loss, according to Refinitiv data. Total net revenue also fell 8.2% to $757.9 million, missing the consensus estimate of $764.5 million. CEO John Foley attributed the miss to the company’s bike recall earlier this year, global pandemic-related seasonality and delays in opening its retail stores. The stock fell as low as 7.4% to $50.39 in afternoon trading, making it the biggest intraday decline since November 3.
Peloton shares fall after it posts wider-than-expected loss, falling sales due to Bike recall, seasonality
