Peloton Interactive Inc. executives provided a weaker-than-expected holiday forecast Thursday and reduced expectations for the full year, sending shares on a steep decline.

Peloton PTON executives said Thursday that they expect holiday sales of $1.1 billion to $1.2 billion, while analysts on average had been predicting revenue of $1.49 billion, according to FactSet. With supply-chain issues concerning investors and executives ahead of the holiday shopping season, Peloton executives told shareholders in a letter that “a…

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