A Peloton stationary bike for sale at the company’s showroom in Dedham, Massachusetts, U.S., on Wednesday, Feb. 3, 2021.
Adam Glanzman | Bloomberg | Getty Images
Peloton on Tuesday reported a wider-than-expected quarterly loss and a steep decline in sales, as inventories piled up in warehouses and ate away at the company’s cash.
The connected fitness equipment maker also offered up a weak sales outlook for the fourth quarter, citing softer demand. The company anticipates planned subscription price hikes may lead some users to cancel their monthly memberships.
Shares of the company fell 26% in premarket trading Tuesday, after touching at an all-time low Monday.
Peloton’s excess inventory…