Peloton shares drop 20% after posting wider-than-expected loss, falling sales due to Bike recall, seasonality
August 23, 2023
Pelotonon Wednesday reported a wider-than-expected loss and a quarterly drop in new subscribers that it blamed on its recall of its Bike seat post and seasonality, sending shares plunging about 20%.
The company fell short of analysts’ earnings estimates but beat sales expectations. CNBC