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Peloton’s net loss increases due to turnaround efforts

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News Tech: Aug 25 (Reuters) – Peloton Interactive Inc (PTON.O) reported a bigger net loss for the fourth quarter on Thursday, signaling an uphill battle to turn around the company grappling with low demand for its fitness equipment following a return to pre-pandemic lifestyles.

Once a pandemic darling, Peloton has struggled with sinking demand for its products and services as people opt to head back to gyms instead of burning calories in their homes.

The company’s shares tumbled more than 14% to $11.59 in premarket trading.

Net loss attributable to Class A and Class B common stockholders was $1.24 billion, or $3.68 per share, in the quarter ended June 30, compared with a loss of $313.2 million, or $1.05 per share, a year earlier.

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