's (NASDAQ: PTON) stock closed at its record high of $167.42 on Jan. 13, 2021. That marked a 477% gain from its IPO price of $29 on Sept. 26, 2019. At the time, the bulls were dazzled by the exercise bike maker's explosive growth rates.

Peloton's revenue doubled in fiscal 2020 (which ended in June 2020) and surged 120% in fiscal 2021. Most of that growth was driven by the pandemic, which forced people to stay at home and caused brick-and-mortar gyms to shut down. But after the pandemic ended, its revenue dropped 11% in fiscal 2022 and declined another 22% in fiscal 2023. It remained deeply unprofitable, even though it gradually narrowed its net losses by executing thousands of layoffs.

Image source: Peloton.

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Source Fool.com