Peloton Interactive Inc. stock declined by more than 14% on Thursday after the company issued a worse-than-expected outlook on its businesses for the third quarter.
The company said in a letter sent to its shareholders that it anticipates sales for the third quarter to range from $700 million to $725 million. This projection falls short of the Wall Street estimate of $754 million. Additionally, the company predicts an adjusted EBITDA loss between $20 million and $30 million, while analysts had previously estimated a loss of $2 million.
The company's shares plummeted 21.49% at 10:22 am ET to sell for $4.36.
