Peloton Interactive shares dived 20% to $4.45 following a cut to its revenue outlook and warned of missing a goal for cash flow.
The stock, down about 66% over the last 12 months, is near its record closing low of $4.30 on Oct. 27.
The connected fitness equipment maker cut its full-year revenue outlook to $2.68 billion to $2.75 billion, down from prior guidance of up to $2.80 billion. It also said it would miss a goal to generate positive cash flow for the full-year.
Peloton narrowed its loss to $194.9 million, or 54 cents a share, for the fiscal second quarter ended Dec. 31, from $335.4 million, or 98 cents a share, a year earlier. The results were in line with analysts’ estimates.
Revenue edged down to $743.6 million from $792.7 million, which exceeded estimates of $733.2 million from analysts polled by FactSet. The decline came as Peloton continues to deal with lower sales of bikes and other fitness products.
Peloton ended the period with 3 million paid connected fitness subscribers, slightly ahead of management’s expectations.