Peloton shares plummet after quarterly losses top $1.2bn

Investors see existential threats' to fitness company that saw popularity during early months of Covid pandemic

Peloton recorded losses of more than $1.2bn in the past three months, the company announced on Thursday, frustrating investors looking for progress in the company's efforts to revive sagging sales of its fitness equipment.

The news sparked another selloff for the company's shares as one analyst foresaw mounting existential" threats to the company's survival. Shares tumbled more than 19% to $10.88 in morning trade, adding to an 88% drop over the year.