© Reuters. FILE PHOTO: A Peloton exercise bike is seen after the ringing of the opening bell for the company’s IPO at the Nasdaq Market site in New York City, September 26, 2019. REUTERS/Shannon Stapleton/File Photo
(Corrects last paragraph to say net loss of $1.05 per share, not 1.05 cents, and year-ago profit of 27 cents, not 31 cents)
(Reuters) -Peloton Interactive Inc on Thursday lowered the price of its exercise bike and said its near-term profitability would take a hit due to the pricing change and higher costs.
Shares of the company were down about 13% in extended trading.
It posted a 54% jump in fourth-quarter revenue, beating market estimates, as more people subscribed to its digital fitness classes and demand stayed strong for its exercise bikes.
Net loss attributable to Class A and Class B shareholders was $313.2 million, or $1.05 per share, compared with a profit of $89.1 million, or 27 cents per share, a year ago.
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