Peloton Interactive Inc. on Thursday beat analysts’ projections for quarterly revenue, as the exercise bike manufacturer benefited from growth in customers and demand for its fitness products during the coronavirus epidemic.
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The company’s shares rose 8% in expanded trading as it forecasts full-year revenue above Wall Street’s expectations.
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Stay-in-home stocks such as the peloton have benefited from increased demand during the COVID-19 epidemic as closed gyms and fitness clubs prompt people to stream exercise services and home-working equipment. The stock has more than tripled this year.
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Sales of peloton’s electric bikes and other fitness equipment increased to $ 485.9 million in the quarter. Its membership grew 113% to 1.09 million.
The company has estimated revenue of between $ 3.50 billion and $ 3.65 billion for FY 2021. According to refinitive data, analysts expected an average of $ 2.72 billion.
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Net income for Class A and Class B shareholders was $ 89.1 million, or 27 cents per share, in the fourth quarter ended June 30, with a loss of $ 47.4 million, or $ 2.07 per share, a year earlier.
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Total revenue increased 172% to $ 607.1 million.
Analysts on average expected revenue of $ 583 million.
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