(Peloton) Peloton reported a net loss of $757.1 million in the third quarter of 2022, almost three times worse compared to expectations of a $266.5 million loss. The loss widened from -$439.4 million in the prior quarter and -$8.6 million in the prior year.
Overall, Peloton reported total revenue of $964.3 million in the third quarter, lower than revenue of $1.334 billion in the prior quarter and $1.262 billion in the prior year. The lower revenue was attributed to a decline in equipment sales.
Peloton is expecting its revenues to fall further in the fourth quarter to a range of between $675 million and $700 million, which is below estimates of $820.3 million.
The company said it finished the quarter with $879 million in unrestricted cash and cash equivalent. CEO Barry McCarthy says the cash position leaves the firm thinly capitalized for its business.
PTON: NASDAQ is down -14.05%.
