Business

Peloton beats sales estimates as home workouts boom By Reuters

© Reuters. FILE PHOTO: A Peloton logo is seen on an exercise bike after the ringing of the opening bell for the company’s IPO at the Nasdaq Market site in New York City, New York, U.S., September 26, 2019. REUTERS/Shannon Stapleton

(Reuters) -Peloton Interactive Inc beat Wall Street estimates for third-quarter revenue on Thursday as more people snapped up its exercise bikes and treadmills to work out indoors during the COVID-19 pandemic.

Peloton (NASDAQ:) emerged as a pandemic winner as home workouts became all the rage during prolonged lockdowns, but investors are now closely watching how demand will holdup as vaccine rollouts in key markets allow fitness centres to gradually reopen and enthusiasts to train outside.

The results come a day after the company issued a recall of its treadmills, following reports of multiple injuries and the death of one child in an accident.

Revenue at Connected Fitness, which includes interactive videos that stream live classes, jumped 139.9% to $1.02 billion in the quarter, while its Connected Fitness subscriptions increased 135% to about 2.08 million.

The interactive fitness equipment maker said total quarterly revenue rose 141% to $1.26 billion, beating analysts’ estimates of $1.11 billion, according to Refinitiv data.

Net loss attributable to Class A and Class B shareholders narrowed to $8.6 million, or 3 cents per share, in the third quarter, compared with a loss of $55.6 million, or 20 cents per share, a year earlier.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button