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Peloton’s (PTON, $9.34) latest earnings showed that the company is making progress on its goal of trimming losses, though the company’s CEO acknowledged that these strides were coming at the expense of growth.
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Shares of the former pandemic darling were off as much as 16.1% in Thursday morning trading but pared back those losses and were recently down just 2.6%. Revenue fell 23% compared with the same period last year. Peloton’s revenue outlook for the holiday quarter, between $700 million and $725 million, would mark a quarter-to-quarter increase, but it’s well below analysts’ estimates of $874 million.
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Connected Fitness subscriptions are expected to grow only modestly during the quarter to 3M from 2.97M at the close of September.