While Peloton saw incredible growth a year ago during the height of the pandemic the company’s recent earnings show a marked slowdown with momentum fading amid the wider reopening of the economy
Shares of at-home fitness equipment maker Peloton plunged over 30% on Friday after reporting dismal quarterly earnings—making CEO John Foley no longer a billionaire—as the company became the latest pandemic favorite to see its business take a hit from a reopening of the economy.... [+]Peloton’s stock was down nearly 34%, to around $57 per share, by midday Friday—its lowest point since June 2020.
Shares of the company, which sells bikes and treadmills paired with monthly subscriptions for at-home workouts, have plunged since reporting lacklusterPeloton’s earnings and revenue both missed expectations, but what really spooked investors was the fact that the company slashed its sales forecast for the upcoming year by as much as $1 billion.
While Peloton saw incredible growth a year ago during the height of the pandemic—with a 250% sales surge in the first quarter of 2020, the company’s recent earnings show a marked slowdown with momentum fading amid the wider reopening of the economy. Peloton in particular has felt the impact of more consumers heading back to gyms in person, as evidenced by competitor Planet Fitness’ recent announcement that membership levels were almost back to a prepandemic high.
After rising more than 400% during the height of the pandemic in 2020, Peloton’s stock is now down over 60% so far in 2021.
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