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.
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This article was originally published by Cnbc.com. Read the original article here.