Peloton Interactive (NASDAQ: PTON) stock went downhill in pre-market trading on Thursday after the exercise equipment company’s fiscal Q1 results left investors disappointed. The stock has already crashed more than 90% in the past year and is currently hovering near a 52-week low of $6.66.
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The company posted revenues of $616.5 million, a drop of 23% year-over-year and missing Street estimates by $20.6 million.
Net loss came in at $1.20 per share versus $1.25 in the same period last year exceeding analysts’ estimates of a loss of $0.67 per share.
Peloton’s app subscriptions also fell 11% quarter-over-quarter to 0.875 million.
For the fiscal second quarter, the company expects revenues to fall 37% year-over-year to be in the range of $700 million to $725 million while adjusted EBITDA is expected to be between a loss of $115 million and $100 million.
The company stated in its press release, “Given macro economic uncertainties we believe near-term demand for Connected Fitness hardware is likely to remain challenged. Our forecast incorporates a seasonal mix-shift toward our Connected Fitness segment, expected holiday promotional activity, a mix-shift of sales toward our rental program, as well as the impact from expanding our third-party retail partnerships.”
