Peloton stock plunges to record low after hopes for comeback dim

Peloton also signed a deal with JPMorgan Chase & Co. and Goldman Sachs Group Inc. to borrow $750 million in five-year term debt, underscoring its challenges

Peloton Interactive Inc. plunged as much as 20% to a record low after the fitness company reported a deeper loss than predicted and cut its revenue guidance, dashing hopes that the onetime pandemic darling will soon pull out of a slump. 

After posting disappointing quarterly results Tuesday, Peloton offered an outlook with little to relish: Demand for its once-hot stationary bikes continues to soften, and some subscribers may balk at proposed price increases. Shipping costs also are squeezing margins, and the company will likely be mired in losses for years.

Peloton also signed a deal with JPMorgan Chase & Co. and Goldman