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Peloton blew another tire. The beleaguered exercise equipment and media company's stock plunged more than 22% Wednesday after it reported a steep drop in subscribers that puts a bright spotlight on the speed of its attempted turnaround.

The company said subscribers grew 4% annually to roughly 3 million, but down 29,000 compared to last quarter. CEO Barry McCarthy said in a shareholder letter Wednesday that "consumer spending shifted toward travel and experiences" beginning in May and June, prompting people to spend less time on Peloton fitness gear.

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Source Fool.com