Peloton Slides After Posting a Third Straight Sales Decline
Peloton stationary bikes at the company's showroom in Dedham, Massachusetts.
Photographer: Adam Glanzman/BloombergThis article is for subscribers only.
Peloton Interactive Inc. shares plunged by the most in almost a year after reporting a 13% decline in revenue last quarter, marking the third straight year-over-year decline in sales.
Revenue totaled $624 million in the fiscal third quarter, which ended March 31. That beat Wall Street estimates of about $619 million, but it wasn’t enough to convince investors that Peloton’s new chief executive officer’s bid to turn around the company has fully taken root.