Peloton slashes price of its bike, warns of hit from higher costs

  • 8/26/2021
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Aug 26 (Reuters) - Peloton Interactive Inc (PTON.O) on Thursday lowered the price of its exercise bike and said its near-term profitability would take a hit due to the pricing change and higher costs. Shares of the company were down about 13% in extended trading. It posted a 54% jump in fourth-quarter revenue, beating market estimates, as more people subscribed to its digital fitness classes and demand stayed strong for its exercise bikes. Net loss attributable to Class A and Class B shareholders was $313.2 million, or $1.05 per share, compared with a profit of $89.1 million, or 27 cents per share, a year ago.

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