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Peloton's stock sinks as earnings outlook fails to impress

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Company was ‘less successful at engaging and retaining free users and converting them to paying memberships’ with app relaunch

Peloton Interactive Inc. shares were sliding about 9% in Thursday’s premarket action after the maker of connected exercise equipment showed financial progress in its latest quarter but delivered a downbeat outlook for the holiday period.

Peloton PTON, +1.05% also reported $9.1 million in adjusted earnings before interest, taxes, depreciation and amortization , compared with a $33 million loss on the metric a year earlier. Analysts were projecting a $17 million loss. The company had 2.964 million connected fitness subscribers for the September quarter, compared with 3.078 million in the June quarter. Analysts had been looking for 2.987 million.

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