Peloton shares plunge 20% as losses widen and sales guidance cut

Exercise bike maker misses targets, with boss describing turnaround effort as emotionally draining'

Peloton's share price crashed 20% in early trading after the exercise bike maker missed revenue targets, cut sales guidance and reported a bigger quarterly loss than anticipated, and its boss described turning the company around as emotionally draining".

Peloton, whose market value has fallen by more than 80% over the last year, reported revenues of $964m (780m), down from $1.26bn in the same quarter last year, as the pandemic-enforced trend for home workouts that fuelled a surge in sales of its hi-tech, internet-connected exercise bikes peters out.