A Peloton recall involving the adjustable seat on more than two million bikes is becoming a bigger headache than expected.
Shares of the fitness company plummeted 20% in early trading Wednesday after another dismal earnings report that revealed the recall鈥檚 price tag 鈥渟ubstantially exceeded鈥 Peloton鈥檚 expectations, costing the company $40 million and about 20,000 members who paused their monthly subscriptions because they were waiting for a replacement seat post.
In May, Peloton told owners of its PL-01 Bike to stop using the model because of a safety hazard that could result in the seat breaking during use. Peloton said Wednesday that it has received 750,000 requests for new seat posts, which the company said was 鈥渕ore than we expected.鈥
So far, only about half of those requests were fulfilled, and the company expects to complete the remainder by the end of September 鈥 three months sooner than it originally told members.
Peloton (PTON) said its fourth-quarter results are a 鈥渞eminder we operate a seasonal business,鈥 as it braced investors for a bigger-than-expected loss of $242 million and sales dropping to $642 million, down from $679 million a year earlier.
鈥淭he slowdown exceeded our expectations through May and through the first three weeks of June as consumer spending shifted toward travel and experiences,鈥 CEO Barry McCarthy said in a letter to investors. 鈥淭hen eight weeks ago the trend reversed itself, and we began to see a reacceleration in hardware sales.鈥
McCarthy joined the once-hot company in 2022 and has made a number of changes to restore its early pandemic success, implementing layoffs and store closures, while giving the Peloton app a brand refresh and new pricing tiers. Shares of the company are down 30% year to date.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
A new report suggests that Canadians' exposure to a radioactive gas is increasing, putting millions of people at a higher risk of developing lung cancer.
The XEC strain, a hybrid of Omicron subvariants KS.1.1 and KP.3.3, was first detected in Canada in mid-August and the number of COVID-19 cases with the XEC variant has rapidly increased.
The Bank of Montreal has confirmed an outage impacting online services via the bank's website.
A day after after an E. coli outbreak tied to Quarter Pounders in the western part of the United States left one dead and 10 hospitalized, McDonald鈥檚 entered full damage-control mode.
In part two of a four-part investigation into the seedy underbelly of the lucrative clothing donation bin industry, CTV W5 uses trackers tp reveal a for-profit operation masquerading as a charity.
Prime Minister Justin Trudeau will face down his own caucus members in a hotly anticipated meeting this morning, as several of them plan to try to convince him to step aside.
Gisele Pelicot, the 72-year-old victim of mass rape whose ordeal has shocked the world, told a trial in southern France on Wednesday that she was determined that making her case public should help other women and change society.
Police have confirmed the body of an employee who died at a Walmart in Halifax over the weekend was found in a walk-in oven.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
A new report suggests that Canadians' exposure to a radioactive gas is increasing, putting millions of people at a higher risk of developing lung cancer.
An oil salvage operation is underway on the fragile wreckage of a U.S. army transport ship that sank almost 80 years ago off coastal British Columbia in a race to head off an eruption of thousands of litres of oil that a coast guard official says is "near imminent."
Ellen Francis says she and her family were having a great time at one of Cuba's famously stunning beaches and exploring the popular tourist town of Varadero when the situation turned into something like a scary movie.
British Columbia's highest court has weighed in on a dispute over an inflatable hot tub a couple set up on their condo's patio 鈥 potentially bringing a close to the years-long conflict.
A father and his two children who suffered severe burns in a Springfield, Ont. house fire have undergone surgery.
Donald Trump's longest-serving chief of staff is warning that the Republican presidential nominee meets the definition of a fascist and that while in office, Trump suggested that Nazi leader Adolf Hitler 'did some good things.'
A Polish radio station has triggered controversy after dismissing its journalists and relaunching this week with AI-generated 'presenters.'
French politicians are deeply divided over the fate of lawmaker Andy Kerbrat, caught last week buying synthetic drugs, and whether his breaking the law should push him to resign.
Turkiye's interior minister said an attack on the premises of the Turkish state-run aerospace and defense company TUSAS on Wednesday left a number of people dead or injured.
A court in Greenland on Wednesday once again decided to extend the custody of anti-whaling campaigner Paul Watson till Nov. 13 while Denmark considers a Japanese extradition request.
A British father and daughter who were seriously wounded by a suicide bomber who killed 22 people after an Ariana Grande concert in Manchester in 2017 won a harassment lawsuit Wednesday against a former television producer, who claimed the tragedy was a hoax.
Prime Minister Justin Trudeau will face down his own caucus members in a hotly anticipated meeting this morning, as several of them plan to try to convince him to step aside.
Prime Minister Justin Trudeau says he doesn't think his leadership is in danger, one day before a highly anticipated Liberal caucus meeting where his future at the helm of the Liberal party is expected to be up for discussion.
A debate has ground work in the House of Commons to a halt for weeks, but a new poll suggests that most Canadians are not even aware it's happening.
A day after after an E. coli outbreak tied to Quarter Pounders in the western part of the United States left one dead and 10 hospitalized, McDonald鈥檚 entered full damage-control mode.
The XEC strain, a hybrid of Omicron subvariants KS.1.1 and KP.3.3, was first detected in Canada in mid-August and the number of COVID-19 cases with the XEC variant has rapidly increased.
A new report suggests that Canadians' exposure to a radioactive gas is increasing, putting millions of people at a higher risk of developing lung cancer.
A massive space rock, estimated to be the size of four Mount Everests, slammed into Earth more than 3 billion years ago 鈥 and the impact could have been unexpectedly beneficial for the earliest forms of life on our planet, according to new research.
A meteor lit up our region's sky last night 鈥 with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.
The estimated population of North Atlantic right whales increased in 2023, but a group of international marine scientists say human behaviour still poses a significant threat to the critically endangered species.
An initial toxicology report for ex-One Direction singer Liam Payne, who died last week after falling from a third-floor hotel balcony in Buenos Aires, showed that he had cocaine in his system after his death, an Argentine official said.
Taylor Swift fans from far and wide will head to Toronto next month to see the superstar perform a series of six sold out shows at the Rogers Centre.
The tiny Mideast nation of Kuwait has banned the release of the video game 'Call of Duty: Black Ops 6,' which features the late Iraqi dictator Saddam Hussein and is set in part in the 1990s Gulf War.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
Boeing reported a loss of more than US$6 billion in the third quarter and immediately turned its attention to union workers who will vote Wednesday whether to accept a company contract offer or continue their crippling strike, which has dragged on for nearly six weeks.
The Bank of Montreal has confirmed an outage impacting online services via the bank's website.
A Manitoba company competed against the cream of the crop at the world's largest dairy expo and came out the big cheese.
A manufacturer in Saskatchewan is looking to set a new record by building the world's longest trampoline.
Summer might be the most popular season for tourism to Europe, but it hardly promises a calm, cool and collected experience.
Scottie Barnes and the Toronto Raptors kick off the new NBA season tonight as they host the Cleveland Cavaliers.
Goaltender Connor Hellebuyck, last season's Vezina Trophy winner, recorded 27 saves to spark the undefeated Winnipeg Jets to a 3-2 victory over the St. Louis Blues on Tuesday night.
Danton Heinen scored two of Vancouver's four first-period goals, and the Canucks beat the Chicago Blackhawks 6-3 on Tuesday night for their third straight win.
An increased risk of fire has prompted the recall of thousands of Honda hybrid vehicles in Canada.
A senior executive for Volkswagen in China has been deported for allegedly using cocaine and marijuana while on vacation in Thailand, according to Chinese authorities and German media reports.
The U.S. government's road safety agency is investigating Tesla's 'Full Self-Driving' system after getting reports of crashes in low-visibility conditions, including one that killed a pedestrian.
A meteor lit up our region's sky last night 鈥 with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.
Residents of Ottawa's Rideauview neighbourhood say an aggressive wild turkey has become a problem.
A man who lost his life while trying to rescue people from floodwaters, and a 13-year-old boy who saved his family from a dog attack, are among the Nova Scotians who received a medal for bravery Tuesday.
A newly minted Winnipegger is hoping a world record attempt will help bring awareness for the need for more pump track facilities in the city.
A Springfield, Ont. man is being hailed a 'hero' after running into his burning home to save his two infant children.
Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.
Looking for a scare with good intentions this Halloween season? The ghosts and ghouls of Eganville, Ont. invite families to tour the Haunted Walk at Lekbor Manor.
The image of a sleepy Saskatchewan small town with 'not a lot going on' is a well-known anecdote. However, one Saskatchewan company is hoping to change that 鈥 and allow communities both on and off the beaten path to share their stories and advertise what they have to offer.
A Moncton, N.B., home has been donated to the Friends of The Moncton Hospital Foundation and will be transformed into a resource hub for people living with cancer.
An oil salvage operation is underway on the fragile wreckage of a U.S. army transport ship that sank almost 80 years ago off coastal British Columbia in a race to head off an eruption of thousands of litres of oil that a coast guard official says is "near imminent."
Green Leader Sonia Furstenau is set to meet the media for the first time since British Columbia's indecisive election on Saturday, amid speculation about a possible minority government.
Danton Heinen scored two of Vancouver's four first-period goals, and the Canucks beat the Chicago Blackhawks 6-3 on Tuesday night for their third straight win.
The Ontario Nurses' Association (ONA) and opposition leaders at Queen's Park are calling on the government to reduce, or eliminate, parking fees at hospitals for staff, patients and visitors.
The Bank of Montreal has confirmed an outage impacting online services via the bank's website.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
A new report suggests that Canadians' exposure to a radioactive gas is increasing, putting millions of people at a higher risk of developing lung cancer.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
The majority of Monday鈥檚 snow melted on Tuesday thanks to some sunny weather, and road conditions vastly improved in and around Calgary.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
An Orl茅ans property that once belonged to a religious order is now in the City of Ottawa's hands.
Popular Kanata restaurant D'Arcy McGee's has suddenly closed its doors. In a post on Facebook Tuesday night, D'Arcy McGee's said, "We will sadly be closing our doors."
Montreal Mayor Valerie Plante will not be seeking reelection.
The majority of optometrists in Quebec will withdraw from the public health-care insurance program (RAMQ) as of Nov. 22, meaning that patients covered by the public plan will have to pay for services.
The death of a woman in her 50s in Montreal's Anjou borough is being considered as 'suspicious' by authorities.
The Carolina Hurricanes really turned the tide in the third period on Tuesday night.
Cool mornings and mild afternoons through the rest of this week in Edmonton and area.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
Police have confirmed the body of an employee who died at a Walmart in Halifax over the weekend was found in a walk-in oven.
The president of a popular New Brunswick potato chip company has been arrested for domestic violence in Bangor, Maine.
A special weather statement is in effect Wednesday as Environment Canada warns of possible heavy rain and strong winds in parts of Nova Scotia later this week.
An armed man was restrained by customers after he attempted to rob a Winnipeg restaurant on Monday.
Folks making the trek to and from Thompson along Highway 6 are once again without a bathroom break鈥 at least for now.
The Winnipeg Police Service (WPS) has made an arrest in a string of assaults that took place in and near the downtown area across several months.
Candidates across Saskatchewan are making their final pitches to potential voters as the 2024 election campaign is quickly approaching its end.
Emergency crews battled a garage fire in west Regina on Tuesday evening.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
Waterloo Regional Police are investigating a sudden death in Kitchener.
Employees at a grocery store in Cambridge had a surprising start to their morning as they walked in to work to find a fire.
Ontario Provincial Police are looking for a missing teenager from Goderich.
Candidates across Saskatchewan are making their final pitches to potential voters as the 2024 election campaign is quickly approaching its end.
A Saskatoon family is voicing concerns after paying twice as much PST as expected on a recently purchased truck.
Hundreds of voter information cards have landed in the wrong hands.
Greater Sudbury has ended the employment of CAO Ed Archer, Mayor Paul Lefebvre announced suddenly Tuesday evening
The Bank of Montreal has confirmed an outage impacting online services via the bank's website.
Police have confirmed the body of an employee who died at a Walmart in Halifax over the weekend was found in a walk-in oven.
A man is miraculously alive after driving his pickup truck through the fence and down a 150-foot embankment at Hawk Cliff in near Port Stanley, Ont.
Police said the house is believed to be empty and abandoned and it's not known yet if the driver of the truck is injured.
On Oct. 18, London police were contacted by Toronto Police Service requesting help to find a Toronto man wanted for multiple robbery and firearms related offences.
A 18-yeare-old driver smashed into a well-lit cruiser after evading police.
A thriving circular economy extends the lives of products.
U.S. sales are down and a once-reliably profitable joint venture in China is losing money, but General Motors still managed to post a third quarter profit of $3 billion Tuesday, slightly less than it made a year ago.
Residents living in central Windsor are calling for after-hours construction to expand a commercial development to stop.
NextStar Energy is celebrating the official start of battery module production.
An oil salvage operation is underway on the fragile wreckage of a U.S. army transport ship that sank almost 80 years ago off coastal British Columbia in a race to head off an eruption of thousands of litres of oil that a coast guard official says is "near imminent."
Green Leader Sonia Furstenau is set to meet the media for the first time since British Columbia's indecisive election on Saturday, amid speculation about a possible minority government.
The Bank of Canada made a sizable cut to its key lending rate Wednesday from 4.25 per cent to 3.75 per cent as the global economy continues to expand. The half percentage point cut is the fourth rate cut in a row by the central bank as inflation dropped from 2.7 per cent in June to 1.6 per cent in September.
Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.
A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.
Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.
A proposed coal mine 鈥 not tourism 鈥 is critical in revitalizing southwestern Alberta communities along the edge of the Rockies, a group in favour of a controversial project maintains.
Alberta Premier Danielle Smith says she's waiting for NDP Leader Naheed Nenshi to declare where he intends to run for office before she calls a byelection in Lethbridge.
The health of honeybees will be the focus of a presentation at the University of Lethbridge on Wednesday evening.
The union representing the fire rangers with the Ministry of Natural Resources says money won鈥檛 fix the systemic problems in the workplace.
Rallies by a group called Voices Against Violence took place across the country on Monday, including Sault Ste. Marie.
An Indigenous group in northwestern Ontario shut down the highway for a couple of hours Monday morning in protest after ancestral remains were found at a construction site.
Police in western Newfoundland say a 77-year-old man visiting the province from Kansas is missing after a fire at a hotel in Deer Lake, N.L.
At 2 p.m. on Thursday, the scene at the Lions Club in Clarenville, N.L., rivalled any rowdy St. John's bar that thumps with music late on a weekend night.
A Newfoundland scientist known for identifying a gelatinous, rancid mass that washed up on the island's shores decades ago is hoping to get his hands on a slice of the strange white globs appearing on the province's beaches.
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