Peloton shares head downhill on slowing sales growth
Revenue for the current quarter is forecast below Wall St. expectations
Peloton Interactive shares fell nearly 8 percent in extended trading after the company reported a quarterly loss and slowing sales growth.
The maker of high-tech exercise bikes, reported a loss of $55.4 million in its fiscal second quarter. The per share loss of 20 cents was better-than-expected.
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Revenue rose 77 percent to $466.3 million, also beating forecasts, but was down from the doubling of revenue reported in the prior quarter.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| PTON | PELOTON INTERACTIVE INC. | 6.42 | -0.14 | -2.13% |
The company sees third-quarter revenue between $470 million to $480 million, which would fall short of analyst estimates of $493 million.
The company sells stationary bikes for $2,200 and said the average selling price was down during the holidays on heavy discounts.
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Peloton expects full-year revenue in the range of $1.53 billion to $1.55 billion.
Peloton shares have risen 15% since the beginning of the year.
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The Associated Press contributed to this article.