Shares of Peloton Interactive (PTON) plummeted 11% following disappointing fiscal second-quarter results. The connected fitness company reported revenue of $656.5 million, falling short of analyst expectations and marking a 3% year-over-year decline. Adding to investor concerns, the company also announced that CFO Liz Coddington will be leaving in March.

Despite the revenue miss, Peloton reported an Adjusted EBITDA of $81 million, a 39% increase year-over-year. However, the company's paid connected fitness subscriptions also decreased by 7% year-over-year. For the upcoming quarter, Peloton anticipates further revenue declines. The departure of the CFO adds uncertainty, signaling potential challenges ahead for the company.

Peloton's struggles come as the broader fitness industry faces increased competition and shifting consumer preferences. The company is actively searching for a new CFO. Investors will be watching closely to see if Peloton can regain momentum and adapt to the changing market. The company also raised its full-year Adjusted EBITDA guidance.

This news is a setback for Peloton, which has been trying to recover from a period of slower growth. The market's reaction reflects concerns about the company's ability to meet its financial targets and navigate the departure of a key executive. The fitness sector is competitive, and Peloton's future hinges on its ability to innovate and retain subscribers.