Investing.com -- Peloton Interactive Inc. (NASDAQ: PTON) shares plunged 11% after the fitness equipment maker reported weaker-than-expected second-quarter results and announced the departure of its Chief Financial Officer Liz Coddington.

The connected fitness company posted revenue of $656.5 million for its fiscal second quarter, missing analyst expectations of $675.13 million and declining 3% YoY. Adjusted loss per share came in at -$0.09, wider than the -$0.06 analysts had forecast. The company attributed the revenue shortfall primarily to lower-than-expected Connected Fitness Product sales to existing members.

Despite the revenue miss, Peloton reported an Adjusted EBITDA of $81 million, representing a 39% increase YoY. The company also raised its full-year Adjusted EBITDA guidance to between $450 million and $500 million, up from its previous outlook.

"Our second quarter represented the most substantial period of innovation at Peloton since our founding. At the same time, our financial performance demonstrated our continued operational discipline," said CEO Peter Stern. "We're driving positive momentum across the business."

The company's paid connected fitness subscriptions decreased 7% YoY to 2.661 million, though this was slightly above the midpoint of its guidance range. Peloton's gross margin improved to 50.5%, an increase of 320 basis points YoY.

For the third quarter, Peloton expects revenue between $605 million and $625 million, representing a 1% YoY decrease at the midpoint. The company also anticipates ending paid connected fitness subscriptions to be between 2.650 million and 2.675 million, an 8% YoY decline.

Adding to investor concerns, Peloton announced that CFO Liz Coddington will leave the company in March to pursue an opportunity outside the industry. The company has initiated a search for her replacement.