Peloton Sales Plunge after Short-lived Pandemic Boom
Peloton Interactive Inc. has cut down its revenue projections by $1 billion along with lower profit margins and subscribers, reflecting its struggle to adjust to the post-pandemic economy. Peloton, known for its remote classes and exercise bikes, is now looking for sales in the region of $4.4. billion to $4.8 billion for the fiscal year ending in June 2022. The Fitness company had predicted revenue of $5.4 billion less than three months ago. On a call with analysts, Peloton said that they had underestimated the impact after the reopening of the economy. The bleak outlook sent stocks tumbling by 30% to $60.12. Even before the collapse, shares were down by 43% for 2021, as per Bloomberg news. Peloton’s good performance was a pandemic outcome when customers looked to home exercise services during the lockdown. With people now going back to offices, schools, and regular