RTTNews | Nov 5, 2021 12:44PM EDT

12:44 Friday, November 5, 2021 (RTTNews.com) - Shares of Peloton Interactive, Inc. (PTON) tanked over 32% hurt largely by the treadmill maker's first-quarter results. The company also lowered its annual revenue outlook by almost $1 billion due to slowing demand for its home fitness equipment.

PTON is currently trading at $58.47, down $27.59 or 32.06%, on the Nasdaq, on a volume of 40 million shares, above average volume of 7.3 million shares. The stock has traded between $56.39 and $171.09 in the 52-week period.

Peloton's first-quarter revenues grew 6% to $805.2 million. The company reported net loss of $376.0 million or $1.25 per share, compared to net income of $69.3 million or $0.20 per share last year.

For the full year 2022, the company now expects revenues of $4.4 billion to $4.8 billion. Previously, the company expected revenues of about $5.4 billion. Analysts polled by Thomson Reuters currently expect revenues of $5.39 billion for 2022.

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