Peloton sinks after missing Wall Street's sales forecast for next quarter - Business Insider

announced fiscal second-quarter earnings on Wednesday afternoon that projected lower-than-expected revenue for the next period.

However, the fitness equipment company's second-quarter revenue bested Wall Street's expectations. Peloton's net losses grew from the year-ago-period but still landed above analyst estimates. The company's shares tumbled as much as 8% in early Thursday trading as investors focused on the company's third-quarter forecast. Peloton's new range for next-quarter revenue missed the average projection among analysts.Adjusted losses per share:$55.4 million, versus $55.1 million in the year-ago periodThe quarterly figures show Peloton was still able to beat expectations after its controversial holiday ad prompted online backlash. The public response saw the stockover a single day.

While traders balked at the company's third-quarter forecast, Peloton's fiscal full-year expectations were revised higher in the Wednesday report and remain above Wall Street's estimates. The firm expects annual revenue to land between $1.53 billion and $1.55 billion, trouncing the consensus expectation of $1.49 billion.

Peloton added 149,000 new subscribers in the three-month period to push its total to 712,000. The company now expects total subscribers to reach between 920,000 and 930,000 by the end of the year, above its previous forecast of 895,000.The company has 21 "buy" ratings, two "hold" ratings, and no "sell" ratings from analysts, with a consensus price target of $37.38, according to Bloomberg data.

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A glorified clothes hanger

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