‘Head scratcher’ — Peloton CEO admits he doesn’t understand why shares sank after initial pop

Health, Fitness & Food

John Foley, co-founder and chief executive officer of Peloton Interactive Inc., stands for a photograph during the company’s initial public offering (IPO) in front of the Nasdaq MarketSite in New York, on Thursday, Sept. 26, 2019.

Michael Nagle | Bloomberg | Getty Images

Peloton Interactive co-founder and CEO John Foley told CNBC on Tuesday that he can’t understand the reasoning behind his company’s stock falling after releasing its first quarterly results since its September initial public offering.

“The stock going backwards is a bit of a head scratcher,” Foley said on “Squawk on the Street.”

Peloton shares opened down about 2.3% after being up 7% in premarket trading. The stock traded as much as 9.5% lower on the day. But it erased some of those losses as Foley was speaking on CNBC.

The fitness company reported late Monday that its fiscal first-quarter revenue more than doubled to $228 million from the year-ago period. It also said that net losses narrowed to $49.8 million from a shortfall of $54.5 million.

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