Peloton, a fitness tech firm, has dropped the price of its price by 20% to $1,495 in other to make it “more accessible and attainable”.
This move comes after the company recorded a loss in this year’s second quarter (Peloton’s fiscal Q4), despite a 54.3% year-on-year growth. The report stated that the company made $936.9m in revenue, but the cost of revenues is at $683.2m, $93.9m for R&D, administrative and the general cost was 232.1m, while $229.3 went to sales and marketing. This culminated in a $301.7m operation loss.
The company reported more than 2.33m ‘connected fitness’ subscriptions to its service and over 5.9 million members at the end of June 2021.
