Peloton ’s precipitous rise and fall is a Netflix series waiting to happen. That may not be the only way the two tech platforms should feature together in investors’ minds.
Peloton said Tuesday morning its connected fitness products revenue for the March quarter fell 42% from a year earlier as the pandemic boon in demand for hardware continues to wane. The company reported a loss of $194 million on the basis of adjusted earnings before interest, taxes, depreciation and amortization—compared with a profit of $63 million on that basis in the year-ago period. Free cash flow was a negative $746.7 million, as inventory payments far exceeded demand.