Peloton on Tuesday slashed its financial outlook for the full year after the company announced CEO John Foley will be stepping down, as part of a broader restructuring of the business.

It sees fiscal 2022 revenue within a range of $3.7 billion to $3.8 billion, down from a prior range of $4.4 billion to $4.8 billion.

It said it expects to end the year with about 3 million connected fitness subscribers, versus previous estimates for 3.35 million to 3.45 million.

Peloton shares were falling more than 8% in extended trading.

Read the full press release from Peloton here.

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