People are hitting the gym again. That’s the message from Peloton Interactive’s (PTON.O) first-quarter earnings on Thursday evening. Investors wiped almost 30% off the company’s market value in after-hours trading after Chief Executive John Foley said the company underestimated the effect post-pandemic life would have on its business. As with cardio workouts, Peloton went too hard. Subscriptions almost doubled from the same quarter last year, but revenue rose just 6%, and fell almost 14% from the three months to June, to $805 million. A treadmill recall didn’t help, but other poor metrics including ballooning marketing expenses reversed Peloton into an adjusted EBITDA loss of $234 million. Revenue was still 73% higher than the quarter that ended as the pandemic started, and its share price is up fourfold since then. Peloton, though, now has two problems slowing it down: Covid-19 accelerated demand and toned bods now have a place to show off. read more Staying in financial shape will require some new exercises. (By Lauren Silva Laughlin) On Twitter http://twitter.com/breakingviews Capital Calls - More concise insights on global finance: