NEW YORK (AP) — Peloton’s shares tumbled on Thursday after a media report said the exercise and treadmill company was temporarily halting production of its connected fitness products amid waning consumer demand.
Shares were down nearly 24%, or $7.62 on the news.
Peloton plans to pause production of its main stationary bikes for two months, from February to March, according to CNBC, citing internal documents.
The news site said that it already halted production of its more expensive Bike+ in December and will do so until June.
The move is the latest in a string of bad news for Peloton, which was one of the early pandemic success stories.