Peloton Interactive, Inc. (PTON), a company in the connected fitness industry, saw its shares plunge by 25.04 percent on Thursday, dropping $1.48 to trade at $4.43. This sharp decline came in response to the company's latest quarterly financial results, which continued to show losses despite ongoing cost control efforts.
The stock opened at $4.85 and fluctuated between an intraday low of $4.30 and a high of $4.92, ultimately closing at $4.43, compared to the previous close of $5.91 on the Nasdaq. Trading volume stood at approximately 10.66 million shares, exceeding the average daily volume of roughly 9.58 million shares.
For the fourth quarter, Peloton reported a net loss of $38.8 million, an improvement from the $92.0 million net loss recorded in the same quarter a year earlier. The company's net loss per share came in at $0.09, up from $0.24 in the prior-year quarter.
However, total revenue declined to $656.5 million, down from $673.9 million year over year. Peloton's stock is currently trading near the lower end of its 52-week range of $4.30 to $10.25.
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