Scott Devitt of Stifel said he had believed Peloton would continue to grow even with the worst of the pandemic seemingly in the rearview mirror. Industry analysts were quick to cut expectations for the company Friday, with one citing вЂњrapid deteriorationвЂќ in PelotonвЂ™s guidance for next year. In August, theВ company cut the price of its Peloton BikeВ - its marquee technology - to $1,495 from $1,895. PelotonвЂ™s early success also brought new competition, companies that offered cheaper bicycles and exercise equipment. It was the worst trading day for the company just 10 months after its shares hit an all-time high above $171. PelotonвЂ™s stock fell $30.42, or 35%, to close Friday at $56.64. вЂњGiven the unprecedented circumstances presented by the global pandemic, we said last quarter that modeling the exit from COVID and the massive growth we saw in fiscal 2021 would be a challenging task, and that has certainly proven to be true,вЂќ CEO John Foley told investors on a conference call. It is also recovering fromВ a recall of its treadmill machine, something it had fought, after it was linked to a death of a child and numerous injuries. WhatвЂ™s more, gyms that had closed during the pandemic began offering their own virtual classes, further encroaching on one of the companyвЂ™s greatest strengths.

ItвЂ™s wrestling with the same snarled global supply chains that have plagued manufacturers this year as economies reopen. ThatвЂ™s a lot more red ink than its previous guidance of $325 million in losses. Late Thursday, the New York City company said that it expects those lucrative subscriptions to drop 6% and losses in 2022 of between $425 million and $475 million. Gyms have re-opened, with some restrictions, and people are beginning to spend money on other things, like travel and restaurants. Those sky-high sales have stalled, however, since the rollout of COVID-19 vaccines.

Sales of its high-end bikes and treadmills soared, as did subscriptions for its online, interactive classes. It benefited from Americans, unable to hit the gym, instead setting up places to work out at home.

The exercise bike and treadmill company thrived during the pandemic, recording its first and only profitable quarters. (AP) - Peloton suffered its worst day as a publicly traded company Friday after telling investors that it will likely lose more money than it had expected in fiscal 2022.

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