Peloton sales surge 66%, as more people buy bikes during coronavirus pandemic; shares jump
Peloton‘s revenue surged 66% during the fiscal third quarter, as more people purchased its fitness equipment and tuned into its live classes, to try to break a sweat while stuck at home during the coronavirus pandemic.
The momentum and results also led Peloton to boost its sales outlook for the full year. The company said heightened demand for its bikes has continued into the fourth quarter. It said it is seeing new customers — ones who were not considering buying one of its bikes before the Covid-19 crisis.
Founder and Chief Executive Officer John Foley told analysts during a post-earnings call that the pandemic is going to change consumers’ exercise routines for the long term.
Peloton shares shot up about 5% in after-hours trading following the report.
Here’s what the company reported for its third quarter ended March 31:
- Earnings per share: A loss of 20 cents
- Revenue: $524.6 million
Peloton’s net loss widened …continued .
[Source: CNBC News]