Peloton (PTON) Stock Plummets 27% Following Q1 Miss and Lowered Outlook
Peloton (NASDAQ: PTON) shares were trading more than 27% lower after-hours following the company’s reported Q1 results, with EPS coming in at ($1.25), worse than the consensus estimate of ($1.07). Quarterly revenue grew just 6% to $805.2 million, compared to the consensus estimate of $810.76 million.
The company provided its Q2 and full 2022-year outlook. It expects Q2 revenue in the range of $1.1-1.2 billion (vs. Street’s $1.51 billion) and 2022 revenue in the range of $4.4-4.8 billion (vs. Street’s $5.4 billion).
The company cited a more pronounced tapering of demand related to the ongoing opening of the economy, and a richer than anticipated mix of sales to original bike.