August 30, 2021: -Peloton said it’s lowering the price of its not that expensive Bike machine by about 20% to $1,495 that begins on Thursday.
This marks the second time Peloton has cut the price of its original Bike. When the company debuted its Bike+ machine in September at $2,495, it cut the actual Peloton Bike price from $2,245 to $1,895.
Prices will be cut in the U.K., Canada, Germany, and Australia, the company said on a website.
Next week, Peloton will begin selling the less-expensive version of its treadmill machine, the Tread, following a recall and redesign.
Peloton also said it offers new monthly financing options for its Bike+ and Tread to make affordable products.
On Thursday, Peloton reported its fiscal fourth-quarter results. It posted a loss which was more than the expectations, as sales growth slowed dramatically.
The at-home fitness equipment maker experienced incredible momentum in the Covid pandemic, sending its sales and stock price soaring.
But the analysts and investors are concerned that momentum will fade as the consumers get comfortable returning to gyms. Year to date, Peloton shares are down nearly 24%, which brings the market cap of the company to $34.2 billion.
The company is looking for ways to keep revenue growth and to find new customers. Its plan is to expanding to new markets and rolling out additional at-home fitness products, one of which is rumored to be a rower. Peloton launched a corporate wellness program in June.
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