Peloton CEO John Foley touts product pipeline, company refutes report that it's halting development
- Peloton said Tuesday it is not halting development of new connected fitness products next year, contrary to a report published by DigiTimes.
- Peloton will continue to innovate across all of its product lines in 2022, said a company spokeswoman.
- Chief Executive Officer John Foley also touted the company's product pipeline, in a Tweet.
- Peloton shares initially fell on the report, but later rebounded after the company's comments.
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Peloton said Tuesday it is not halting development of new connected fitness products next year, contrary to a report published by DigiTimes.
Peloton shares fell nearly 5% in premarket trading Tuesday on the news But after a Peloton spokeswoman refuted the report, the stock recouped some of the losses. Recently, shares were down less than 1%.
The company plans to innovate across all of its product lines in 2022, a Peloton spokeswoman said.
In a Tweet, Chief Executive Officer John Foley further touted the company's product pipeline.
"I'm so proud of what our @onepeloton team has accomplished this year," wrote Foley. "We've never been more excited about our product pipeline and look forward to what's to come in 2022 as we continue to innovate to help our Members lead healthier lives."
Peloton, which makes cycles and treadmills, has been rumored to be working on a rowing machine. Early next year, it's also expected to begin selling a strength training device called Peloton Guide in a bundle with a new heartrate arm band. Analysts anticipate the company has a number of new products in the pipeline in order to keep growing sales.
DigiTimes didn't immediately return a call seeking comment.
Peloton's stock, meantime, has been volatile in recent trading sessions. Shares remain down around 73% year to date, bringing the company's market cap to around $13.4 billion.
Last week, an HBO Max reboot of the popular "Sex and the City" show tarnished Peloton's image and sent shares tumbling, after a key character died from exercising on one of its cycles.
On Sunday, Peloton shared a parody commercial with actors Chris Noth and Ryan Reynolds touting the benefits of Peloton's fitness classes. The company said it pulled together the ad in 48 hours.
—CNBC's Diana Olick contributed to this reporting.
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