Peloton Interactive Inc. signaled Thursday that its pandemic boom will slow down, and the stock was pounded in late trading. Peloton had warned about effects of its treadmill recall in its last earnings report, but still lost much more than expected.
Peloton PTON, -1.86% reported fiscal fourth-quarter losses of $313.2 million, or $1.05 a share, after reporting earnings of 27 cents a share a year ago. Peloton had warned about effects of its treadmill recall in its last earnings report, but still lost much more than expected — analysts on average were predicting a loss of 44 cents a share.
“The past year represented an inflection point for the connected fitness industry, with significant increases in awareness and demand following the onset of the COVID-19 pandemic,” executives said in kicking off a letter to shareholders Thursday. Peloton’s full-year sales forecast is more in line with analysts’ expectations, with annual guidance of $5.4 billion in sales, but also predicts a loss on an adjusted basis for the full year. Analysts on average were predicting GAAP profit of 48 cents a share for the full fiscal year on revenue of $5.25 billion, according to FactSet.
Analysts had predicted that Peloton outperformed its recall-tainted fourth-quarter forecast, but were much more curious about the forecast for what comes next.
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