Peloton Shares Plummet as Revenue Forecast Falls Short of Estimates

Peloton shares plummeted 26% after the company reported a weaker-than-expected revenue forecast for Q3, citing slower-than-expected sales of its new AI-powered hardware lineup. The company's CFO, Liz Coddington, will be leaving in March, and revenue for the fiscal year is now projected to decline by 3%. This marks Peloton's steepest same-day decline since November 2021, with the stock down 29% so far this year.