Peloton revenue beats as pandemic spurs workouts at home – Reuters
(Reuters) – Peloton Interactive Inc beat Wall Street estimates for second-quarter revenue on Thursday and raised its full-year sales forecast, powered by strong demand for its exercise bikes and treadmills during the coronavirus pandemic.
Peloton has been one of the biggest beneficiaries of coronavirus-led restrictions in the United States as more people bought the company’s workout equipment and subscribed to its videos to stay fit during the pandemic.
Revenue at Connected Fitness, which includes interactive videos that streams live classes, jumped 123.6% to $870.1 million in the quarter, while its connected fitness subscriptions surged 134% to about 1.67 million.
The company’s total quarterly revenue rose 128% to $1.06 billion, above analysts’ expectations of $1.03 billion, according to Refinitiv data.
Peloton also expects full-year revenue of $4.075 billion or more, compared with its previous estimate of at least $3.9 billion.
Net profit attributable to Class A and Class B shareholders was $63.6 million, or 18 cents per share, in the quarter ended Dec. 31, compared with a loss of $55.4 million, or 20 cents per share, a year earlier.
Reporting by Sanjana Shivdas in Bengaluru; Editing by Anil D’Silva