Peloton shares hit all-time low after connected fitness company posts another loss, lowers guidance

Peloton sank to its lowest price on record Thursday after it reported another loss and gave investors a lukewarm forecast as the connected exercise company continues to struggle following its pandemic hot streak.

Sales fell to $744 million in the second quarter, which company executives consider its most important quarter. That amounts to a 6% decline from a year ago and a whopping 34% fall from two years ago. New York-based Peloton lost 54 cents per share in the period and hasn't posted a quarterly per-share profit in three years.

Peloton is projecting fourth-quarter revenue between $700 and $725 million, below analyst forecasts of $750 million. The company also dialed back its full-year sales guidance, to a range between $2.68 billion and $2.75 billion, down from its previous forecast of $2.8 billion.

Shares in Peloton fell another 23% in midday trading Thursday, to $4.27. A year ago, shares were more than $16 each. They peaked in early 2021 at more than $170 each.