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Fitness tech firm Peloton was worth more than $48bn at its peak earlier this year. Now it’s worth just over $30bn, with its latest financials – although showing growth – not likely to set its market cap rising again.

In the second quarter of this year (its fiscal Q4) Peloton generated $936.9m of revenues, up by 54.3% year-on-year. However, $683.2m cost of revenues, with $229.3m of sales and marketing costs, $93.9m of R&D and $232.1m of general and administrative costs meant that the company recorded an operating loss of $301.7m.

The issue – certainly for its share price – being that the losses were greater than predicted, as CNBC explains. Peloton ended June with more than 5.9 million members, including more than 2.33m ‘connected fitness’ subscriptions to its service.

There was more news alongside the financials. First, Peloton is dropping the price of its exercise bike to $1,495 – a 20% cut – which it says aims to make its service “more accessible and attainable”.

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