Peloton borrows money from Wall Street after sales drop 15 percent

(Image credit: Associated Press)

published 10 May 2022

Peloton is running out of cash and its turnaround plan "can't happen fast enough," CNN Business reports. The company lost $757 million over the last quarter.

Its sales have continued to decline, CNN says, citing Tuesday's new quarterly financial report, and have dropped 15 percent from last year.

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A lot of people took a hiatus from their local gyms at the start of the COVID-19 pandemic, but have since returned. However, that means Peloton is now struggling to sell bikes and subscriptions compared to last year. The company added just 195,000 new subscribers in the last quarter, less than half of what it added a year ago. To attempt to boost sales once again, the company is cutting the prices of its treadmills and bikes.

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Kelsee Majette has worked as a social media editor at The Week since 2022. In 2019, she got her start in local television as a digital producer and fill-in weather reporter at NTV News. Kelsee also co-produced a lifestyle talk show while working in Nebraska and later transitioned to 13News Now as a digital content producer.

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