Peloton is lowering the cost of its pricey tech-enabled workout bike by 20%, as earnings released Thursday showed the Manhattan company’s losses were growing following pandemic-fueled profits.
Shares in the Manhattan technology company fell about 10% in after-market trading following the earnings release. The company reported a net loss of $313 million between April and the end of June, compared to a net income of $89 million during the same period in 2020 and a loss of about $9 million between January and March.
Total revenue for Peloton was up 54% year-over-year to $937 million for the quarter, but that marked a slowdown from the busy months at
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