On Thursday, US fitness equipment company Peloton's stock price plummeted 24% during regular trading hours, falling below its IPO price for the first time in nearly two years. Earlier, CNBC reported that Peloton's sports and fitness equipment will be discontinued due to falling demand.

However, after Peloton's preliminary earnings report and the company's CEO Foley's open letter were released, the company's stock price jumped 9% in after-hours trading.

Foley said that the report that Peloton's spinning bike and treadmill was completely discontinued was “fake news”. “The information obtained by the media was incomplete, taken out of context, and did not reflect Peloton's strategy.” At the same time, it said that the layoffs have not yet been finalized. Peloton shares have fallen 83% over the past 12 months and 70% over the past three months. The company's market capitalization has shrunk drastically from over $50 billion to less than $10 billion. NASDAQ said last week that Peloton will be officially kicked out of the NASDAQ 100 Index on January 24 and replaced by freight company Old Dominion Freight Line.