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The company’s shares tumbled 16.9% to $11.7 in trading before the bell.
Like many stay-at-home winners, the fitness equipment maker is grappling with plummeting demand. The company’s market value has dropped to $4.69 billion from nearly $50 billion during the pandemic when its bikes and on-demand fitness content were lapped up.
The interactive fitness equipment maker’s revenue fell to $964.3 million in the quarter from $1.26 billion a year earlier.
Peloton (NASDAQ:PTON), in February, replaced its chief executive officer and has unveiled measures like price cuts for its equipment while focusing on its subscription plans to transform the company.
Net loss attributable to Class A and Class B shareholders widened to $757.1 million, or $2.27 per share, in the quarter ended March 31, from $8.6 million, or 3 cents per share, a year earlier.
