Shares of the beleaguered New York-based company rose 14 per cent before the bell as it also aims to pare its retail presence, potentially forcing Peloton to again push back its goal of returning to positive cash flow.
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Still, demand for its equipment has remained weak as customers cut back spending due to elevated inflation and rising borrowing costs.
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Peloton said on Thursday it expects connected fitness members for the full year to be between 2.96 million and 2.98 million, lower by 30,000 members from prior forecast.
“Peloton has discovered that fitness trends come and go and staying ahead of the curve is incredibly difficult,” Zak Stambor, senior analyst, retail and ecommerce at research firm Insider Intelligence said.
Peloton chairperson Karen Boone and director Chris Bruzzo will serve as interim co-CEOs. The company also named director Jay Hoag as the chairperson of the board.
The board, meanwhile, has started a search process to identify the next CEO.
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