After announcing that it will start selling its bikes through Amazon.com, Peloton Interactive reported big losses for its most recent quarter, along with near-flat growth in fitness subscribers.
The fitness equipment maker posted a fourth-quarter net loss of 1.24 billion euros, or $3.68 per share, compared with a loss of $313 million, or $1.05 per share, a year ago.
Analysts had expected a loss per share of 76 cents.
Chief executive Barry McCarthy noted in a letter to shareholders that $415 million of the company’s $1.2 billion loss came from restructuring charges.
The losses reflect the significant progress we made this past quarter, restructuring operations, converting fixed to variable costs and addressing the many problems in the supply chain, he said.
Peloton’s revenue fell to $679 million from $937 million a year ago and missed estimates of $682 million.
The company generated $296 million in product revenue and $383 million in subscriptions.
The stock is down 15% pre-conference.