Affirm Holdings (NASDAQ:AFRM) shares are trading lower following a CNBC report indicating the company’s partner Peloton Interactive (NASDAQ:PTON) has suspended production of connected fitness products.
Affirm is a financing partner for Peloton and the report sent shares of the stock roughly 5% lower at one point in Thursday’s session.
CNBC, citing internal documents, reported Peloton plans to pause Bike production for two months and does not anticipate producing Tread+ units in 2022 as consumer demand wanes.
Peloton’s stock saw a surge in 2020 amid the COVID-19 pandemic, which boosted demand for at-home fitness platforms. The stock has continued to pull back over the past year.
At the time of publication, Affirm shares were trading 2.43% lower at $62.74.
