Peloton shares head downhill on slowing sales growth
Revenue for the current quarter is forecast below Wall St. expectations
KB Advisory Group LLC Kristin Bentz discusses her outlook for Peloton stock.
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.