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Peloton CEO introduces product pipeline amid reports of pause in development

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 fell nearly 5% in pre-market trading Tuesday on the news. But after a Peloton spokesman denied the report, the stock recovered some of its losses.

The company plans to renew all of its product lines by 2022, a Peloton spokesperson said.

In a tweet, CEO John Foley introduced more about 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 happens 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 wristband. Analysts predict the company has several new products in the pipeline to expand sales.

DigiTimes did not immediately respond to a call seeking comment.

Peloton stock, meanwhile, has been volatile in recent trading. So far, the company’s stock is still down about 73%, bringing the company’s market capitalization to about $13.4 billion.

Last week, HBO Max rebooted the hit show “Sex and the City” that tarnished Peloton and send messy share, after a key character dies executing one of its cycles.

On Sunday, Peloton shared a ad parody with actors Chris Noth and Ryan Reynolds promoting the benefits of Peloton’s fitness classes. The company said it put together the ad for 48 hours.

—CNBC of Diana Olick contributed to this report.

https://www.cnbc.com/2021/12/14/peloton-ceo-john-foley-touts-product-pipeline-amid-report-its-halting-development.html Peloton CEO introduces product pipeline amid reports of pause in development

Emma James

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