Peloton Forecasts Third-Quarter Revenue Below Estimates on Slow Demand

Reuters02-01

Feb 1 (Reuters) - Peloton Interactive Inc forecast third-quarter revenue below market estimates, anticipating a fall in demand for its exercise equipment as sticky inflation keeps discretionary spending in check.

The shares tumbled 14.5% in morning trading.

The connected-fitness company said it expects third-quarter revenue to come in between $700 million and $725 million, below analysts' estimates of $753.8 million, according to LSEG data.

After a pandemic-fueled boom, Peloton, best known for its stationary bike and online workout classes, has struggled with weakening demand as people cut spending on big-ticket discretionary items amid high inflation.

For the second quarter, it reported a net loss of $194.9 million, compared to a loss of $335.4 million a year earlier.

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