Peloton slashes full-year revenue outlook to $3.7 billion to $3.8 billion from $4.4 billion to $4.8 billion
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On May 5, 2021, a man is seen walking in front of the Peloton shop in Manhattan.
John Smith | Corbis News | Getty Images
PelotonOn Tuesday, the company lowered its financial outlook for full-year after it was acquired by a competitor announced CEO John Foley will be stepping downAs part of a wider restructuring of the company.
Fiscal 2022 revenue is expected to range from $3.7 billion up to $3.8billion, a decrease of the $4.4 billion-$4.8 billion range.
The company said that it expected to finish the year with approximately 3 million fitness subscribers connected, up from previous estimates of between 3.35 and 3.45 million.
Peloton shares fell more than 8 percent in extended trading.
Peloton has released the complete press release here.
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