(Reuters) -Peloton Interactive Inc reported a bigger net loss for the fourth quarter on Thursday, signaling an uphill battle to turn around the company grappling with low demand for its fitness equipment following a return to pre-pandemic lifestyles.
The company’s shares tumbled more than 14% to $11.59 in premarket trading.
Once a pandemic darling, Peloton has struggled with sinking demand for its products and services as people opt to head back to gyms instead of burning calories in their homes.
Net loss attributable to Class A and Class B common stockholders was $1.24 billion, or $3.68 per share, in the quarter ended June 30, compared with a loss of $313.2 million, or $1.05 per share, a year earlier.
Sales fell to $678.7 million from $936.9 million a year earlier.
(Reporting by Nathan Gomes in BengaluruEditing by Dhanya Ann Thoppil and Sriraj Kalluvila)
