Peloton lowers forecast after pandemic sales' boom turns to bust

The grim outlook sent the stock tumbling as much as 30% to $60.12 in late trading. Even before the swoon, Peloton shares were down 43% this year.

Peloton Interactive Inc. cut its annual revenue forecast by as much as $1 billion and lowered its projections for subscribers and profit margins, underscoring its struggles to adjust to a post-pandemic economy. 

The fitness company -- best known for its exercise bikes and remote classes -- now expects sales of $4.4 billion to $4.8 billion in fiscal 2022, which ends next June. Less than three months ago, it had been predicting revenue of $5.4 billion. On an earnings call with analysts, Peloton said it underestimated the impact of economic reopenings. 

The grim outlook sent the stock tumbling as much as 30% to