Peloton has suffered its worst day as a publicly traded company after telling investors that it is likely to lose more money than it had expected in fiscal 2022.
Peloton has suffered its worst day as a publicly traded company after telling investors that it is likely to lose more money than it had expected in fiscal 2022. T he New York City firm thrived during the pandemic, recording its first and only profitable quarters as people were unable to hit the gym, instead setting up places to work out at home. Sales of its high-end bikes and treadmills soared, as did subscriptions for its online, interactive classes. Those sky-high sales have stalled, however, since the rollout of Covid-19 vaccines. Gyms have reopened, with some restrictions, and people are beginning to spend money on other things, such as travel and restaurants. Late on Thursday, the company said it expects those lucrative subscriptions to drop 6% and losses in 2022 of between 425 million dollars (£315 million) and 475 million dollars (£352 million). That is a lot more red ink than its previous guidance of 325 million dollars (£241 million) in losses.
