Peloton cuts annual revenue forecast as demand falters, shares tumble

(Reuters) -Peloton Interactive trimmed its full-year revenue forecast amid its two-year-long efforts to turn around the business, sending the exercise equipment maker’s shares plunging about 23% on Thursday. The company now expects full-year 2024 revenue to be between $2.68 billion and $2.75 billion, down from its previous forecast of between $2.70 billion and $2.80 billion. “In lowering its guidance, Peloton is acknowledging that the pivot from a hardware-focused business to a subscription-based model is rocky,” said Zak Stambor, senior analyst, retail & ecommerce, at research firm Insider Intelligence.
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