peloton interactive inc’s latest earnings showed that the company is making progress on its goal of trimming losses though the connectedfitness company continues to struggle in finding revenue momentum shares of the former pandemic darling were off more than 16 in thursday’s premarket action after the company reduced its cash burn for the september quarter relative to the june one but delivered a holidayquarter sales forecast that missed expectations by a wide margin peloton’s pton revenue for the most recent period declined and came up shy of the consensus view as well still chief executive barry mccarthy said that the company was making strides in its turnaround “‘turnaround’ means a stable underlying business with the green shoots of growth beginning to emerge” he said in the company’s shareholder letter “it means a financially sustainable business which means breakeven or better freecash flow” peloton logged a net loss of 409 million or 120 a share for the fiscal first quarter that compares with a loss of 126 billion in the june quarter and 376 million in the yearearlier september quarter the factset consensus was for a 67cent loss per share the company posted a negative freecash flow of 246 million in the september quarter compared with 412 million in the june quarter topline trends disappointed as revenue fell to 617 million from 805 million and came up short of the 637 million that analysts surveyed by factset had been expecting peloton had 2973 million connected fitness subscriptions at the end of the september quarter whereas it had 2966 million at the end of the june quarter looking to the fiscal second quarter executives anticipate 700 million to 725 million in revenue whereas the factset consensus was for 866 million executives are also forecasting a loss on the basis of adjusted earnings before interest taxes depreciation and amortization ebitda of 110 million to 115 million analysts were modeling a 108 million loss on the nongaap metric “while macroeconomic uncertainty and concerns about a potential recession impacting consumer spending levels are real we take comfort in knowing fitness spending has proven to be resilient during previous recessionary periods” mccarthy said in his shareholder letter peloton’s stock has shed more than three quarters of its value on the year as the sp 500 has declined 21