Peloton CEO John Foley introduces product pipeline amid reported development pause
A Peloton bike
Shannon Stapleton | Reuters
Peloton said on Tuesday that it won’t stop developing new connected fitness products next year, in contrast to a report published by DigiTimes.
Shares of Peloton fell nearly 5% in pre-market trading on Tuesday on the news, but after a Peloton spokesman dismissed the report, the stock recouped some of the losses. Recently, the stock has fallen below 1%.
The company plans to renew all of its product lines by 2022, a Peloton spokesperson said.
In a Tweet, CEO John Foley touted the company’s product pipeline.
“I’m so proud of what our @onepeloton team has achieved this year,” Foley wrote. “We’ve never been more excited about our product process and look forward to what’s coming in 2022 as we continue to innovate to help our Members lead healthier lives.”
Peloton, the company that makes cycles and treadmills, is rumored to be working on a rowing machine. Early next year, it is also expected to start selling a strength training device called Guide to Peloton in a package with a new heart rate armband. Analysts predict the company has several new products in the pipeline to further boost sales.
DigiTimes did not immediately respond to a call seeking comment.
Peloton’s stock has been volatile in recent trading sessions. As of now, the stock is still down about 73% year-over-year, bringing its market cap to about $13.4 billion.
Last week, HBO Max rebooted the hit show “Sex and the City” that tarnished its image and send messy share, after a key character dies after executing one of its cycles. On Sunday, Peloton shared a ad parody with actors Chris Noth and Ryan Reynolds promoting the benefits of exercise classes. The company said it put together the ad for 48 hours.
—CNBC of Diana Olick contributed to this report.