(Reuters) -Peloton Interactive Inc on Thursday lowered the price of its exercise bike and said its near-term profitability would take a hit due to the pricing change and higher costs.
Shares of the company were down about 13% in extended trading.
It posted a 54% jump in fourth-quarter revenue, beating market estimates, as more people subscribed to its digital fitness classes and demand stayed strong for its exercise bikes.
Net loss attributable to Class A and Class B shareholders was $313.2 million, or 1.05 cents per share, compared with a profit of $89.1 million, or 31 cents per share, a year ago.
(Reporting by Sanjana Shivdas in Bengaluru; Editing by Aditya Soni)
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