Illustration: Aïda Amer/Axios
Peloton stock fell by as much as 25% on Thursday, following a CNBC report that the connected fitness company will temporarily halt production on its bikes and treadmills.
Why it matters: Peloton is viewed by many as a proxy for consumer behavior in the pandemic era, as its popularity surged when gyms closed and people wanted to exercise at home.
The big picture: Peloton shares hit an all-time high of $151.72 per share in December 2020, giving it a $45.7 billion market value. Today they opened at $32.05 per share, for a $9.7 billion market cap, before the CNBC report and subsequent price decline.
What they're saying: Peloton on Thursday evening released preliminary earnings information and a letter to company employees from CEO John Foley.
Editor's note: This article has been updated with comment from Peloton.