NEW YORK (BRAIN) — A CNBC report that Peloton had paused production of its exercise bikes because of slackening demand caused the company's stock price to fall to a two-year low on Thursday.
CNBC cited confidential internal documents from Peloton in reporting that the company is temporarily halting production of its connected fitness products as consumer demand wanes and the company looks to control cost. Peloton plans to pause Bike production for two months, from February to March, the documents show, according to CNBC.
Peloton's stock price fell 24% to $24.22, a two-year low.
