Peloton (NASDAQ:PTON) stock is falling on Thursday after the exercise equipment company provided an outlook update for the holidays.
According to Peloton’s latest earnings report, it expects revenue for the fiscal second quarter of 2023 to range between $700 million and $725 million. That’s nowhere close to the $874.01 million Wall Street is expecting for the period. It also represents a 37% drop year-over-year (YOY) from $1.13 billion.
Peloton says there are a few reasons for its waning revenue guidance. That includes macroeconomic factors that it believes will challenge near-term demand for its products and services. The company is also dealing with restructuring costs as it works to turn around the business.
Fiscal Q1 Results Aren’t Helping PTON Stock
The company notes that revenue for its current quarter came in at $616.5 million. That’s a miss next to Wall Street’s estimate of $650.11 million for the period. It’s also a 23% decrease from the $805.2 million reported in the same period last year.
Adding to that news, the company’s loss per share came in at $1.20. That’s another miss compared to the analyst estimate of -64 cents per share. However, it is a slight improvement from the -$1.25 per share reported in the prior-year period.
PTON stock is down 7.9% as of Thursday morning and is down about 77% year-to-date (YTD).
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
