“Peloton reports big loss, decline in revenue as the company grinds through its turnaround plan”
August 25, 2022
“Peloton on Thursday reported widening losses and slumping sales in its fiscal fourth quarter as the connected fitness equipment maker attempts to win back investors with cost cuts and strategic shifts.
Shares declined more than 14% in premarket trading, a day after the stock surged more than 20% on news of its partnership with Amazon…
Peloton did not offer an outlook for its upcoming fiscal year 2023. For the first quarter that ends on Sept. 30 it said it sees subscribers staying flat, and revenue ranging between $625 million and $650 million. Peloton said this takes into account near-term demand weakness and seasonal fluctuations to the business…
Peloton’s net loss widened in the three-month period ended June 30 to $1.24 billion, or $3.68 per share, from a loss of $313.2 million, or $1.05 a share, a year earlier.
McCarthy said the losses stemmed from Peloton’s efforts to avoid an inventory glut, cut fixed costs and address other supply chain issues. The company earlier this year embarked on an $800 million restructuring plan. Peloton ended the fourth quarter with inventory of $1.1 billion, compared with $937.1 million a year earlier…”
https://www.cnbc.com/2022/08/25/peloton-pton-reports-q4-2022-losses-mount.html