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Peloton gets financial muscles pumped

Peloton gets financial muscles pumped

With gyms closed down, Peloton surprised Wall Street with major increase in subscribers, showing fitness can be a profitable business under lockdown conditions.

Peloton released extremely positive financial reports yesterday after-market, to everyone’s surprise.

Wall Street was expecting a 18 cent drop in EPS, and a revenue of $486 million. The actual earnings report showed a loss of 20 cents per share, and a revenue rise of 66%, reaching $524.6 million. The product revenue also exceeded 60% to $420.2 million.

It mostly happened because of the pandemic, say market analysts. People stuck in their houses brought an increase in subscription revenue of more than 90%, up to$98.2 million. The number of digital payers increased by 64%. Also, in March, the company announced that it would extend the free trial period from 30 to 90 days for digital subscribers.

The yearly revenue is expected to be between $1.72 billion - $1.74 billion, much higher than $1.56 billion consensus. For the next quarter, Peloton expects $500 million to $520 million in revenue.

Last month, the Live From Home cycling class proved to be “the largest live workout count of any class ever” with more than 23,000 live workouts.

Peloton stock price gained 18% in pre-market today, continuing yesterday’s after-hours 4% increase. Since the beginning of the year, shares gained 30%.

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