Peloton shares surge 26% after fitness company posts subscription revenue growth
Publishing timestamp: 2023-02-01 16:07:40
Summary
Peloton reported its eighth straight quarter of losses, but its net losses narrowed from the year earlier. Subscription revenue was higher than sales of connected fitness products for the third quarter in a row. CEO Barry McCarthy called the results a potential "turning point" for the business. The stock closed about 26% higher Wednesday. Peloton has been in the midst of a broad turnaround strategy under McCarthy, who took the helm of the business a year ago. Free cash flow was negative $94.4 million, compared with negative $246.3 million in the previous quarter and negative $546.7 million in the year-ago period. McCarthy said he's ready to pivot from trying to keep the company alive to growing it.
Sentiment: POSITIVE
Tickers: DKS, NFLX, AMZN, SPOT, PTON,
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Source: https://www.cnbc.com/2023/02/01/peloton-pton-q2-earnings-2023.html