Peloton—Pandemic Stock Darling—Reportedly Halts Production Of Fitness Products, Shares Plunge Nearly 20%

Peloton Will Reportedly Halt Production Of Fitness Products, Shares Plunge Nearly 20%

Peloton, Peloton Halt Production

1/20/2022 10:44:00 PM

Peloton Will Reportedly Halt Production Of Fitness Products, Shares Plunge Nearly 20%

Peloton lost nearly a fifth of its value after reports that the company would temporarily halt production.

on Thursday.The news caused Peloton shares to plunge as much as 24%—with trading temporarily halted—before the stock pared back losses somewhat, down 18% as of 1:30 p.m. EST.The company will halt Bike production for two months—from February to March—and will also suspend production of its treadmills for six weeks starting in February, according to internal documents reviewed by CNBC.

The company reportedly said that demand for its at-home fitness equipment has seen a “significant reduction” around the world, with Peloton evidently having underestimated how many people would still be buying its products after pandemic lockdowns ended.

Read more: Forbes »

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