Beginning Thursday, its core bike will cost $1,495 — a roughly 20% reduction — with the monthly financing rate dropping $10 to $39 a month. Peloton said in a press release that the price cut is part of its mission to making the company’s products “more accessible and attainable.”
Peloton stock dropped 15% after hours Thursday and shares of the company are down about 20% this year. Investors have soured on the company in light of the massive recall surrounding its treadmill and delivery delays. The company also posted disappointing earnings and an underwhelming outlook.