Earnings

Peloton slashes full-year outlook as company replaces CEO, cuts jobs

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A man walks in front of a Peloton store in Manhattan on May 05, 2021 in New York.

John Smith | Corbis News | Getty Images

Peloton on Tuesday slashed its financial outlook for the full year after the company announced CEO John Foley will be stepping down, as part of a broader restructuring of the business.

It now sees fiscal 2022 revenue within a range of $3.7 billion to $3.8 billion, down from a prior range of $4.4 billion to $4.8 billion.

The company said it expects to end the year with about 3 million connected fitness subscribers, versus previous estimates of 3.35 million to 3.45 million.

“We are taking steps to best position Peloton for sustainable growth, while also establishing a…



Source cnbc.com

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