Peloton slashes its full-year revenue outlook as company overhauls C-suite, cuts 2,800 jobs

Earnings

A man walks in front of a Peloton store in Manhattan on May 05, 2021 in New York.
John Smith | Corbis News | Getty Images

Peloton on Tuesday slashed its financial outlook for the full year after the company announced CEO John Foley will be stepping down, as part of a broader restructuring of the business.

It sees fiscal 2022 revenue within a range of $3.7 billion to $3.8 billion, down from a prior range of $4.4 billion to $4.8 billion.

It said it expects to end the year with about 3 million connected fitness subscribers, versus previous estimates for 3.35 million to 3.45 million.

Peloton shares were falling more than 8% in extended trading.

Read the full press release from Peloton here.

This is breaking news. Please check back for updates.

Products You May Like

Articles You May Like

Senators push for airline passenger protections after holiday travel meltdown
Ferrari’s profits jump 13% in 2022, supercar maker expects an even better year in 2023
Some of Wall Street’s biggest names are exposed to the Adani Enterprises plunge
Apple sales drop 5% in largest quarterly revenue decline since 2016
FedEx is laying off 10% of its officers and directors amid cooling demand

Leave a Reply

Your email address will not be published. Required fields are marked *