After sprinting through pandemic, Peloton hits the wall

By MATT OTT
AP Business Writer

SILVER SPRING, Md. (AP) — Peloton is suffering its worst day as a publicly traded company after telling investors that it will likely lose more money than it had expected in fiscal 2022. Peloton thrived during the pandemic, recording its first and only profitable quarters with Americans unable to hit the gym, instead setting up places to work out at home. But Peloton’s sky-high sales have stalled since the rollout of COVID-19 vaccines. Gyms have re-opened and people are beginning to spend money on other things, like travel and restaurants. Shares tumbled 33% to around $60 Friday, the worst trading day for the company just 10 months after shares hit an all-time high above $171.