Peloton shares are on a painful ride that keeps getting worse. The stock plunged 24% on Thursday—wiping out billions in market value—amid reports that the beleaguered at-home fitness equipment company would temporarily halt production of its bikes and treadmills. by CNBC, came as Peloton was desperately looking to cut costs amid a “significant reduction” in consumer demand.
Things got significantly worse last November, when shares plunged 35% in a single day after Peloton reported lackluster quarterly earnings. What really spooked investors though: The company massively slashed its sales forecasts for 2022. Peloton went public in September 2019 with a roughly $8 billion valuation. The company didn’t start out as profitable—but surging demand during pandemic lockdowns, starting in April 2020, jumpstarted growth for the company. But just a year later, as demand slowed, Peloton’s losses took hold.
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