After experiencing large progress on the onset of the pandemic final yr, Peloton is sputtering. While there isn’t a singular trigger for its woes, Peloton did single out one firm for being behind a few of them: Apple.

The firm reported a surprising loss in its newest earnings report on Thursday and minimize its outlook for the complete fiscal yr. Peloton had a internet lack of $376 million within the final quarter, which is greater than analysts anticipated and a hanging distinction to the $69.3 million in internet earnings it reported a yr earlier. The firm additionally missed analysts’ income estimates, reporting $805.2 million as a substitute of the anticipated $810.7 million, though it did meet its $800 million forecast. Moreover, it skilled a 17% droop in gross sales of its health merchandise.

In an earnings name on Thursday, the corporate laid a number of the blame for its outcomes this quarter on Apple and its new Ad Tracking Transparency characteristic, or ATT, Bloomberg reported. Rolled out as a part of iOS 14.5, ATT permits customers to grant or deny apps permission to trace their exercise for goal promoting. This had made it harder for Peloton to focus on consumers primarily based on their pursuits, the outlet said.

Peloton isn’t the one firm that has pointed accusingly at Apple currently. When reporting its third quarter earnings on the finish of October, Facebook (now known as Meta)—which will depend on focused advertisements for nearly 98% of its income—mentioned that ATT had decreased the accuracy of its advert focusing on. The characteristic additionally elevated “the cost of driving outcomes” for advertisers, Facebook COO Sheryl Sandberg explained, and made it more durable to measure these outcomes.

“Overall, if it wasn’t for Apple’s iOS 14 changes, we would have seen positive quarter-over-quarter revenue growth,” Sandberg mentioned.

On Sunday, the Financial Times reported that ATT had price Snap, Facebook, Twitter, and YouTube an estimated $9.85 billion in misplaced income within the second half of this yr. That’s an 87% enhance yr over yr. Its complete subscriber base, which incorporates customers that solely pay to entry exercise content material, stood at 6.2 million.

“[W]e anticipated fiscal 2022 would be a very challenging year to forecast, given unusual year-ago comparisons, demand uncertainty amidst re-opening economies, and widely-reported supply chain constraints and commodity cost pressures,” Peloton mentioned in a shareholder letter, including: “While we are reducing our near-term forecast, our confidence in and commitment to our strategy is unchanged.”

In addition, the corporate mentioned it will re-examine its bills and take steps to regulate its working prices to be in step with its revised progress forecast.

As we talked about earlier than, Peloton can’t blame all its troubles on Apple. It has provide chain points (like plenty of firms). People are returning to the workplace, which suggests they’re not spending as a lot time at dwelling as earlier than. They’re additionally returning to gyms. Planet Fitness mentioned on Thursday that it had 15 million members, nearly as a lot to the 15.5 million it had earlier than the pandemic.

“People are choosing bricks and mortar. They’re coming back faster than we’ve ever seen. They’re rejoining our clubs faster than we’ve ever seen,” Planet Fitness CEO Chris Rondeau instructed CNBC. “All the winds are blowing the right direction, and the sails are wide open.”