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Peloton shares plunge after company reports wider-than-expected loss


Peloton’s shares plummeted Thursday after the company reported a wider-than-expected loss for the fiscal third quarter and acknowledged an uncertain economic backdrop.The company’s shares were down 14% in afternoon trading.Yet Peloton pointed to signs of progress with its turnaround plan. It said connected fitness subscriptions grew and free cash flow losses declined. It also said new initiatives have resonated with customers, including a push to sell lower-priced, pre-owned bikes and a rent-to-buy program for fitness equipment. Here’s how the connected fitness equipment company did in the three months ended March 31 compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:Loss per share: 79 cents vs. 46 cents expectedRevenue: $749 million vs. $708 million expectedPeloton’s net loss for the period was $275.9 million, or 79 cents per share, compared with a loss of $757.1 million, or $2.27 per share, a year earlier. It marked the ninth quarter in a row of the company reporting losses.Revenue declined 22% from a year ago, dropping from …

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