Planet Fitness shares drop 30% after cutting growth forecast and halting price hikes amid slower member sign-ups.

Planet Fitness shares fell over 30% after the company lowered its revenue and sales growth forecasts and paused planned price increases. Despite 21.9% revenue growth and 3.5% same club sales growth in Q1, CEO Colleen Keating cited slower-than-expected member sign-ups due to internal and external challenges, including marketing issues, competition, bad weather, and economic pressures. The company is adjusting its marketing strategy to better attract casual gym-goers and remains confident in its long-term growth plan focused on member acquisition and affordability.