Peloton shares plunge 27% after report on production pause

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Exercise-bike maker Peloton is temporarily pausing production due to slowing demand and to control costs, according to media reports, sending shares down 27%

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is temporarily halting production of its connected fitness bikes and treadmills after a significant drop in demand, CNBC reported on Thursday, citing internal documents from the company.

Shares in the exercise bike maker, which immediately did not respond to a Reuters request for comment, slumped as much as 27% to fall below the IPO price of $29, hitting a near two-year low. In a confidential presentation dated Jan. 10, Peloton said it had seen a "significant reduction" in demand and that it plans to pause bike production in February and March, according to theRegister now for FREE unlimited access to Reuters.comOnce a pandemic darling, Peloton has seen a slump in demand for its fitness classes and equipment as people venture out of their houses to hit gyms again.

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'Peloton Going to Zero' (David Guetta Remix)

Better come down on that price

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