Peloton shares opened trading Friday morning down 35%, wiping out more than $8 billion in market value after the company said demand was slowing for its at-home workout equipment.
One of last year’s pandemic winners, the fitness-technology company collected $805 million in revenue from July through September, up 6%, according to its earnings report, released late Thursday. But the growth was below Wall Street analysts’ expectations and was coupled with a 17% year-over-year drop in sales of its bike and treadmill products.
“Gyms are available. People can get out of their house now—they’re not locked down,” said Peloton Chief Executive John Foley on a call with analysts. “So
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