(Reuters) -Peloton Interactive Inc on Thursday forecast holiday-quarter sales below market estimates as supply chain issues hamper the home fitness leader’s ability to meet demand, sending its shares tumbling 26% after the bell.
The company said it expected second-quarter sales of $1.1 billion to $1.2 billion. Analysts expected a figure of $1.51 billion, according to Refinitiv.
Peloton also cut its annual sales forecast to between $4.4 billion and $4.8 billion, from the $5.4 billion projected previously.
A global chip crunch, steel supply disruptions and rising freight costs have delayed shipments of Peloton’s fitness bikes, hindering the company’s efforts to boost market share through price cuts.
Peloton reported a net loss of $376 million or $1.25 per share, for the first quarter ended Sept. 30, compared with a profit of $69.3 million, or 20 cents per share, a year earlier.
(Reporting by Kannaki Deka in Bengaluru; Editing by Aditya Soni)
