Peloton reports wider-than-expected loss, 'bad news' on paid subscriptions
Publishing timestamp: 2023-11-02 11:42:10
Summary
Peloton's sales for the fiscal first quarter were higher than expected, but the company's losses were worse than anticipated. Peloton is struggling to convert new users into paid subscribers and is losing members. The company's holiday forecast for revenue and paid subscriptions fell short of expectations. Peloton is also facing higher-than-expected membership churn. Despite efforts to boost revenue through partnerships and product relaunches, the company's results have been mixed. Peloton is hoping to capitalize on its rental service and plans to relaunch its Tread+ product. The company has also formed partnerships with Lululemon, the NBA, and the WNBA. Peloton is aiming to return to growth and profitability by increasing membership.
Sentiment: NEGATIVE
Keywords: retail industry, united states, breaking news: earnings, business news, business, breaking news: business, barry mccarthy, peloton interactive inc, earnings, canada, lululemon athletica inc,
Source: https://www.cnbc.com/2023/11/02/peloton-pton-earnings-q1-2024.html