Peloton stock skids as company posts loss, cuts bike price
NEW YORK (AP) — Peloton’s shares have skidded in aftermarket trading. 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. It announced it is cutting the price of its Peloton Bike to $1,495 from $1,895.
