Peloton stock skids as company posts loss, cuts bike price

Peloton’s shares skidded in aftermarket trading Thursday after the exercise bike and treadmill company posted a loss for its most-recent quarter, showed slower revenue growth, and cut the price of its most-popular product.

Peloton Interactive Inc. reported a net loss of $313.2 million in the quarter that ended June 30. That compared to a profit of $89.1 million the same period last year. A portion of the latest quarter’s loss stemmed from the company having to recall its treadmill machine after it was linked to a death of a child and numerous injuries.

The quarterly loss amounted to $1.05 a share. Wall Street analysts had been expecting a loss of 44 cents a share, according to FactSet.

Peloton’s revenue in its fiscal fourth quarter totaled $936.9 million. That was better than the $928.6 million expected by analysts.

The company announced Thursday that it is cutting the price of its Peloton Bike – the product that was the cornerstone of its popularity – to $1,495 from $1,895. It will also offer additional financing options for those wanting to purchase the bike.

Read more from the Associated Press.