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Peloton slashes full-year revenue outlook to $3.7 billion to $3.8 billion from $4.4 billion to $4.8 billion

A man walks in front of a Peloton store in Manhattan on May 05, 2021 in New York.

John Smith | Corbis News | Getty Images

Peloton on Tuesday slashed its financial outlook for the full year after the company announced CEO John Foley will be stepping down, as part of a broader restructuring of the business.

It sees fiscal 2022 revenue within a range of $ 3.7 billion to $ 3.8 billion, down from a prior range of $ 4.4 billion to $ 4.8 billion.

It said it expects to end the year with about 3 million connected fitness subscribers, versus previous estimates for 3.35 million to 3.45 million.

Peloton shares were falling more than 8% in extended trading.

Read the full press release from Peloton here.

This is breaking news. Please check back for updates.

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