Peloton Interactive Inc. reported declining sales and growing losses as the stationary-bike maker struggles with weakening demand as Americans return to their pre-pandemic lifestyles. The connected-fitness equipment maker said it received $750 million in financing from banks to help pay for a turnaround as the company is running out of cash. Peloton reported a loss of $757.1 million for the quarter ended March 31, which the company attributed to weak demand and the cost of holding inventory of unsold bikes and treadmills. The company had a quarterly loss of $8.6 million a year ago. Revenue declined 24% in the quarter, Peloton’s first year-over-year downturn since becoming a publicly traded company in 2019. Subscriber growth stood at 6% with a more than four-fold increase amid of the pandemic and the company said it saw a modest number of cancellations after moving to increase the subscription fee. Peloton said last month that it would cut prices on its stationary bikes and treadmills and increase monthly subscriptions for online exercise classes beginning June 1.
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