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Brody Longo works out on his Peloton exercise bike on April 16, 2021 in Brick, New Jersey.
Michael Loccisano | Getty Images
Peloton on Thursday reported widening losses and slumping sales for its fiscal fourth quarter as the connected fitness equipment maker attempts to win back investors with cost cuts and strategic shifts.
The company’s shares declined more than 20% – a day after the stock surged more than 20% on news of its partnership with Amazon.
It marks Peloton’s sixth consecutive quarter of reported losses. The company said it aims to reach break-even cash flow on a quarterly basis in the second half of its fiscal year 2023.
Still, Peloton CEO Barry McCarthy said he expects the…
Source cnbc.com
