The Peloton movement may be over. Shares plunge
CNN
Peloton investors are going to have to take a meditation class (or several) after its latest earnings report that sent its shares plunging by about a third.
The once-hot fitness company reported late Thursday that sales of its stationary bikes and treads, which makes up 60% of its business, fell 17%. Revenue grew just 6% to $805 million, which was below analysts' expectations.
In a call with analysts, Peloton's Chief Financial Officer Jill Woodworth said it's "clear that we underestimated the reopening impact on our company and the overall industry."
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