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The fitness equipment maker also reported a larger fourth-quarter loss than expected and forecast first-quarter revenue of $800 million, below market estimates of $1.01 billion.
The price cut to $1,495 from $1,895 for its Peloton Bike across all markets and a shift in product sales mix to its treadmill weighed on the outlook.
“Looking ahead, we expect to return to Adjusted EBITDA profitability for FY 2023,” Peloton said in a statement.
The New York-based company posted a net loss attributable to Class A and Class B shareholders of $313.2 million, or $1.05 per share, compared with a profit of $89.1 million, or 27 cents per share, a year earlier.
Analysts on average were expecting a loss of 45 cents per share, according to IBES data from Refinitiv.
Peloton’s fourth-quarter revenue rose 54% to $936.9 million.
