Wild week for Peloton shares as earlier gains erased
Associated Press
NEW YORK (AP) — Peloton shares are on a wild ride this week, running up 20% Wednesday on a new partnership with Amazon only to erase those gains at the opening bell after quarterly losses for the connected exercise equipment maker exceeded $1.2 billion. Losses are growing faster than expected and sales slumped 28% compared with last year when many people were still sheltered at home and staying out of gyms. Peloton is a company in transition, attempting to achieve sustained free cash flow growth with sales falling and competition growing. The company on Thursday said the net loss for its fiscal fourth quarter was $1.24 billion.
