Peloton fires back at its portrayal in ‘Sex and the City’ reboot with own parody ad: ‘He’s alive’
PUBLISHED SUN, DEC 12 20214:18 PM ESTUPDATED AN HOUR AGO
Peloton published a parody commercial on Sunday in response to a plot in “Sex and the City” that sent shares of the company tumbling last week.
The decline piled onto a recent selloff, with shares down about 75% year to date.
Peloton has been facing slowing demand for its connected fitness equipment this year, as people return to gyms.
Media plays on emotion.
Peloton Chief Executive Officer John Foley also Tweeted on Sunday, “He’s alive.”
Its shares rose more than 5% on Monday.
The “Sex and the City” scene comes as Peloton in recent weeks has slashed its full-year forecast and frozen hiring, amid slowing demand for its products. Peloton faces heightened competition from other at-home fitness companies but also from gym chains that are luring previous users back.
Peloton was a huge pandemic beneficiary, as people were stuck at home and looking for ways to maintain healthy habits. Its stock benefited, too, rising more than 440% in 2020.
Now, however, investors worry that future growth will be much harder to come by and will entail greater costs.
Peloton has faced other troubles in recent months, including regulatory scrutiny. The company announced a voluntary recall of its treadmills in May, after reports of one death and dozens of injuries. It also reduced the price of its original Bike by hundreds of dollars, hoping to appeal to more people at a discount.
While Peloton said it coordinated with HBO on the placement of one of its Bikes in “And Just Like That...”, it said the network didn’t disclose the plot in advance because of “confidentiality reasons.”
An HBO spokesperson didn’t immediately respond to CNBC’s request for comment.