(Reuters) - Peloton Interactive Inc said on Thursday a decision to slash the price of its flagship bike by a fifth would hit near-term profitability, sending its shares down 15% in extended trading. The fitness equipment maker also reported a larger fourth-quarter loss than expected and forecast first-quarter revenue of $800 million, below market estimates of $1.01 billion. The price cut to $1,495 from $1,895 for its Peloton Bike across all markets and a shift in product sales mix to its treadmill weighed on the outlook. “Looking ahead, we expect to return to Adjusted EBITDA profitability for FY 2023,” Peloton said in a statement. The New York-based company posted a net loss attributable to Class A and Class B shareholders of $313.2 million, or $1.05 per share, compared with a profit of $89.1 million, or 27 cents per share, a year earlier. Analysts on average were expecting a loss of 45 cents per share, according to IBES data from Refinitiv. Peloton’s fourth-quarter revenue rose 54% to $936.9 million. Reporting by Sanjana Shivdas and Sohini Podder in Bengaluru; Editing by Aditya Soni Our Standards: The Thomson Reuters Trust Principles.