Peloton shares slipped premarket on news Apple planning exercise video subscription service
Summary
Cari Gundee rides her Peloton exercise bike at her home on April 06, 2020 in San Anselmo, California. More people are turning to Peloton due to shelter-in-place orders because of the coronavirus (COVID-19). Peloton shares dropped more than 4.5% in premarket trading Thursday on a report that Apple is working on a subscription service for digital fitness classes. Developers have complained that Apple emulates their software and then introduces it as new features in iPhones and other products. Peloton, which has seen heightened demand in its at-home spin bikes and treadmills due to the pandemic, has also reported growing engagement.
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