Peloton Interactive Inc. today reported falling sales and mounting losses as the stationary-bike maker struggles with weaker demand as Americans return to their prepandemic lifestyles, the Wall Street Journal reported. The maker of connected-fitness equipment said it secured $750 million in financing from banks to help pay for a turnaround as the company runs low on cash. Peloton posted a $757.1 million loss in the quarter ended March 31, which the company attributed to weak demand and the cost of carrying inventory of unsold bikes and treadmills. The company’s quarterly loss a year ago was $8.6 million. Revenue fell 24% in the quarter, Peloton’s first year-over-year decline since becoming a publicly traded company in 2019. Subscriber growth, which grew more than fourfold amid the pandemic, was 6% and the company said that it saw a modest number of cancellations following its move to increase the subscription fee. Peloton last month said it would cut prices of its stationary bikes and treadmills and raise monthly subscriptions for online workout classes starting June 1.
