The exercise bike maker expects current-quarter revenue between $700 million and $725 million. The company’s shares fell 13.7% to $7.50 in premarket trading. Company’s revenue for the first quarter fell to $616.5 million from $805.2 million a year earlier. Chief Executive Barry McCarthy has embarked on a wide range of cost-cutting measures since taking the job in February in an effort to pivot the company toward growth. Peloton was all the rage among fitness enthusiasts during COVID-19 lockdowns, with the company hitting a peak market valuation of nearly $50 billion in early 2021. But with people returning to gyms the company saw demand for its fitness equipment dwindle. Company warned it was not a ‘guaranteed outcome . . .
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