finance
Peloton Reports Modest Q3 Revenue Growth, Beats Estimates but Misses on EPS
Peloton reported revenue of $630.9 million for the quarter ended March 31, exceeding Wall Street forecasts, while posting net income of $26.4 million compared with a year-earlier loss. The company raised the lower end of its fiscal-year revenue outlook and highlighted new partnerships including a Spotify deal.
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Peloton posted fiscal third-quarter earnings results on Thursday that beat Wall Street expectations on revenue but fell slightly short on earnings per share. 6 million expected by Wall Street analysts surveyed by LSEG. Earnings per share came in at 6 cents versus 7 cents expected by those analysts.
The fiscal third quarter ended on March 31. 4 million, or 6 cents per share.
9 million, up roughly 1% from $624 million a year earlier. Subscription revenue totaled $428 million and grew 2% year over year, beating estimates. 5 million a year prior but beating estimates of $196 million according to StreetAccount.
66 million. Peloton does not count Spotify users toward its subscribers. Last month the company announced a deal with Spotify making more than 1,400 Peloton classes available to Spotify Premium subscribers.
In March Peloton launched its first Bike and Tread products for high-traffic gym floors. The company has been struggling with weak performance and sluggish sales in recent periods and had previously projected that performance to extend into this quarter. It has tried to revamp its product assortment and recently raised prices on both its equipment and subscription plans.
44 billion. The company lifted the lower end of the guidance range it provided last quarter. Cnbc reported that free cash flow rose nearly 60% in the quarter.
"The first order of business in earnings is reporting how you did financially, and we feel like that was a pretty good quarter in terms of where we are strategically," CEO Peter Stern told CNBC. Stern said the company feels its pricing changes were appropriate.
