Peloton clarified Tuesday (Dec. 14) that it won’t be curbing the development of new products like a report published by DigiTimes claimed, per a CNBC report.
The company plans to “innovate across all of its product lines” next year, a spokeswoman for the company told CNBC.
After the erroneous report that the company wouldn’t be developing new products, shares fell almost 5%. When Peloton refuted that information, the stock improved somewhat.
On Tuesday, Peloton CEO John Foley tweeted that the company has “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 has had a rough go of it lately, particularly after the HBO Max reboot of “Sex and the City” portrayed an important character dying after using one of its exercise machines, causing the company’s stocks to plummet.
The company tried to make up for it through a parody commercial with actors Chris Noth and Ryan Reynolds, who were talking about the positives of the company.
Peloton also rolled out a connected strength product in November. PYMNTS wrote that it was an artificial intelligence-enabled device called Peloton Guide, which connects to TVs and gives members access to instructors and content.
See also: Peloton Launches Connected Strength Product Amid Slowing Growth
The product also works with the Peloton Heart Rate Band, and comes with a machine learning-powered Movement Tracker that works with hundreds of strength classes, a smart camera, voice activated mode and more.
Tom Cortese, Peloton co-founder and chief product officer, said the Peloton Guide “demystifies strength training to create a more engaging experience that will help members stay motivated.”
Peloton had a rocky time in early 2021, with the company saying its website traffic had dropped more than expected and that the retail showroom not doing as well as expected. Because of that, the company had to lower subscription growth and ad revenue expectations for fiscal 2022.
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