Wild week for Peloton: Shares slide 13% after 20% spike

Associated Press

NEW YORK (AP) — Peloton shares are on a wild ride this week, running up 20% on a new partnership with Amazon Wednesday, and falling 13% before the opening bell Thursday after quarterly earnings revealed a tough economic environment for the connected exercise equipment maker. Losses are growing faster than expected and sales slumped 28% compared with last year when many people were still sheltered at home and staying out of gyms. Peloton is a company in transition, attempting to achieve sustained free cash flow growth with sales falling and competition growing. The company’s net loss in its fiscal fourth quarter was $1.24 billion.