Peloton’s quarterly loss tops $1.2 billion

Peloton Interactive Inc. racing to save itself, will reject some of the most fundamental aspects of its decades-old business model.

The once-hot maker of connected fitness equipment reported a loss of more than $1.2 billion in the latest quarter as revenue plunged and the company warned it would spend more cash than it has brought in for months. Peloton lost $2.8 billion in the year ended June 30, compared with a loss of $189 million a year earlier.

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